Service Solutions | 9.27.22 | The Devil is in the Details: Claiming Your Employee Retention Credit as a Cannabis Business

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NCIA’s Service Solutions series is our sponsored content webinar program which allows business owners the opportunity to learn more about premier products, services and industry solutions directly from our network of established suppliers, providers and thought leaders.

In this edition originally aired on Tuesday, September 27, 2022 we were joined by the experts from ERT Credit for an exclusive webinar outlining how cannabis businesses can take advantage of The Employee Tax Credit (or ERC) which has currently only been claimed by a small fraction of cannabis businesses, and most importantly, as a payroll tax credit is not subject to Section 280E.

Think your cannabis-related business does not qualify for COVID-19 relief funds worth up to $26,000 per employee.? You’ll leave the session with a roadmap for next steps to determine eligibility and maximize your claim  so you don’t miss out on a potentially guaranteed refund worth hundreds of thousands of dollars and in some cases millions.

At the conclusion of the discussion our panel hosted a moderated Q&A session to provide NCIA members an opportunity to interact with leading minds from the cannabis accounting and technology space, join today to contribute to future conversations!

Presentation Slide Deck: [View/Download Here]

Panelists:

Jordan Anderson
Founder & ERC Expert
ERT Credit

Elizabeth Haffner
Champion of Client Success
ERT Credit

Kash Badami
Chief Operating Officer
ERT Credit

Session Chapters & Discussion Outline

00:00 – Webinar Opening

01:47 – Session Intro

06:24 – Panel Intro / Agenda

08:11 – What is the ERC?

12:45 – Eligibility (A Crucial Step to Claiming the Credit)

19:18 – Credit Maximization (A Nuanced & Difficult Task)

22:18 – What About 280E?

24:09 – Challenges

34:26 – ERC vs. PPP

38:20 – Rewards of Using ERT.Credit

40:06 – Q&A

40:46 – Audience Q&A (If your business is still operating – what are the taxes due on the tax credit?)

42:04 – Audience Q&A (I was told that ERC money is not available for the cannabis industry due to 280e. How are you navigating that compared to others trying to provide the same services?)

44:31 – Audience Q&A (Does this apply to cultivation facilities also?)

46:42 – Audience Q&A (What if we apply and don’t receive our money or we are denied the credit?)

48:09 – Audience Q&A (What if my accountant/lawyer says I don’t qualify?)

49:41 – Audience Q&A (How can I find more details on how to navigate the 280e concerns?)

50:58 – Audience Q&A (So if you went out of business before or soon after getting the tax credit you would not have any (or minimal) tax impact from taking the tax credit?)

53:24 – Audience Q&A (Do I have to spend the money on my payroll? Or can I use it towards my other business expenses? Any other restrictions?) 54:26 – Audience Q&A (So is this a credit for my company towards next year or do I get an actual check like a refund?)

56:32 – Contact Info

58:29 – Final Thoughts

01:03:24 – Session Outro

01:05:28 – NCIA Lobby Days 2023 Member Appreciation

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