WEST PALM BEACH, Fla., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Paybotic (“Paybotic” or “the Company”), the premier resource for financial solutions designed for the cannabis industry, announced today through its sister company, Accountabis Advisors, that it has launched a new consulting offering that will assist business owners with taking advantage of the Employee Retention Credit (ERC), which is a tax credit available to operators who continued paying employees in 2020 and 2021. The Company is currently working with new and existing clients on preparing the required filings in order to receive up to $26,000 per employee retained throughout the pandemic as long as the Company meets certain eligibilities.
Leveraging its extensive experience in the financial services sector and the accounting experience of its sister company Accountabis Advisors, both companies have launched their very own consulting services offering whereas they are helping clients to take advantage of the ERC tax credit while the opportunity exists. As a part of the CARES Act, the ERC was designed to incentivize employers to retain employees by providing a credit on their withheld income tax liabilities for employees. The eligibility for the tax credit varies year by year and its goal is to strengthen businesses who may have been impacted by the pandemic. Understanding of the program can be difficult for many business owners and as such, the two firms are assisting businesses with taking advantage of the program by consulting them through eligibility and filing.
“As a trusted partner working in financial services, we had many clients reaching out to inquire about how to take advantage of this once in a lifetime program,” said Max Miller, CEO of Paybotic. “To help our clients fully comprehend and capitalize on the available program, we worked quickly with our partner company which specializes in accounting services for cannabis businesses. We are pleased to see so many of these companies taking advantage of this opportunity - particularly when they already have such a heavy tax burden within the industry. If you are an entrepreneur or professional not familiar with this program, please do not hesitate to contact us; someone is standing by who can talk you through your eligibility and the filing process clearly and concisely. Businesses across the country are cashing in huge sums of money from government programs, making this a game-changing opportunity for those who have struggled financially in the cannabis industry. Significant six-figure payouts could be life-altering and set them up for success moving forward.”
The ERC was first introduced in the CARES Act of 2020 as a way to incentivize employers to keep their employees during the pandemic. It is a fully refundable tax credit for employers equal to 50 percent of qualified wages, including allocable health plan expenses. It applies to wages paid after March 12, 2020, and before January 1, 2021, and the maximum amount of qualified wages taken into account with respect to each employee is $10,000. The CARES Act also provided relief from late deposit penalties for employers who reduced payroll tax deposits in anticipation of receiving the credit.
In order to further educate prospective recipients, Accountabis Advisors has scheduled a free webinar to be held on March 8, 2023, at 1:00 pm EST. Interested parties can register for the webinar here: https://register.gotowebinar.com/register/8382005277387582553?source=Accountabis+3-8-23+Webcast+Promo+tracking+Link. The webinar, which will be hosted by executives of Accountabis Advisors Michelle Escalera and Rus Kerr, will provide information on the ERC program and the application process.
For more information on ERC consulting services through Paybotic, please visit: https://accountabisadvisors.com/erc/
About Paybotic
Paybotic is a merchant-focused financial solutions company dedicated to servicing the cannabis industry. Founded in 2013, Paybotic is the preeminent financial solution provider for the cannabis industry offering a full-suite of financial solutions. Paybotic features ongoing compliance and security services to support a trusted network of partnerships for cannabis companies and their customers. Paybotic processes billions of dollars annually through its network of thousands merchants across all legal cannabis markets, offering low downtime and has created a financial ecosystem for the emerging cannabis industry. To learn more, visit https://paybotic.com/.
About Accountabis Advisors
Accountabis Advisors, established in 2021, is a trustworthy partner for accounting services in the cannabis industry. We take pride in our commitment to transparency, honesty, and respect for each of our customers. Powered by Paybotic’s more than a decade of experience in cannabis and payment processing, our mission is to listen to our clients' needs and provide expert advice and services tailored to their unique business goals. Our team is composed of highly skilled and knowledgeable professionals from across the country, who are well-versed in the latest federal and state regulations in the cannabis industry. We understand the challenges that businesses face in this constantly evolving industry, and we strive to provide reliable and credible information to our clients. As a holistic business partner, we provide a range of services, including bookkeeping, tax planning and preparation, financial reporting, and more. Our team has the expertise and connections necessary to ensure that our clients receive the support they need to succeed in the cannabis industry. Visit our website at https://accountabisadvisors.com/.
Media Contact:
Cassandra Dowell
CMW Media
+1 858-221-8001
paybotic@cmwmedia.com
www.cmwmedia.com
