The Employee Retention Tax Credit, designed to reward employers who retained local workforce, allows for a cash benefit of up to $1,920 per eligible employee.
FLORENCE, SC, June 11, 2018 — Employers affected by Hurricane Irma and Hurricane Maria in Puerto Rico last year will be able to access significant funds to assist with recovery efforts, Synergi Partners, an industry leader in tax incentives and hiring credits, announced. The Employee Retention Tax Credit (ERTC), created by the Puerto Rico Treasury Department and approved by the U.S. Secretary of the Treasury, is designed not only to help businesses with recovery efforts but also to reward them for retaining local employees. Synergi Partners has been working closely with agencies involved, including the Puerto Rico Treasury Department, to define the program’s requirements and implementation.
To be eligible for a tax credit under the ERTC, a business needs to have been active in Puerto Rico after either of the two hurricanes hit the region and have experienced disruption in operations. The program does not extend to nonprofit organizations. Payments can go up to $1,920 per eligible employee and will be approved and distributed by the Puerto Rico Treasury Department on a “first come, first served” basis and begin June 2018.
As a leading administrator of government business assistance programs and a tax credit consulting and support firm, Synergi Partners is uniquely positioned to assist businesses in applying and accessing ERTC funds. “We are very excited to announce this program, as we have been working closely with government agencies on this piece of legislation to help Puerto Rico businesses with recovery efforts,” Synergi Partners CEO Jim Brown said. “We have amassed a lot of experience dealing with business disaster relief programs over the past 30 years – we’ve worked with businesses affected by Hurricane Katrina, and many others. Business tax credits and incentives are our primary focus, and our team is fully committed to providing responsive, state-of-the-art services to any business affected, so as to maximize available benefits,” Brown further explained.
Already familiar with the legislation as it has worked closely with government agencies involved, Synergi Partners is prepared to assist businesses applying for ERTC support from the start to the end of the process, via its team of analysts with solid experience in relevant administrative procedures such as hurricane impact assessment and documentation, application and submittal of government forms, monitoring application and payment status, correspondence with the Puerto Rico Treasury Department to address any possible application issues or payment discrepancies.
For more information about Synergi Partners and its activity, visit www.synergipartners.com.
About Synergi Partners
Comprising of tax credit veterans with years of experience serving clients of all sizes and in virtually all industries, Synergi Partners specializes in helping employers take advantage of federal and state tax credit programs, as well as disaster relief incentives and research and development tax credits.
With a board of directors made up of thought leaders who have made a significant contribution to the incentives industry, Synergi Partners’ main goal is to provide the best service available to achieve maximum value for its clients.