There are various factors beyond financial hardship that could allow your art gallery to qualify for the ERC. Seeking guidance from tax professionals and CPAs will help you gain a comprehensive understanding of the requirements surrounding your eligibility for claiming the credit.

If your art gallery experienced any of the following, you may be eligible for ERC:

• Full or partial shutdown
• Reduced occupancy
• Spacing Limitations
• Reduction in hours to comply with hygiene/sanitation requirements

Your art gallery, museum, or other art-related business may have already received other aid in the past, such as Paycheck Protection Program (PPP) loans, but this does not disqualify you from obtaining relief from ERC. Your business can still claim this uncapped tax credit if you qualify.

The eligibility is not solely determined by revenue figures but also considers the effects of governmental directives on the business. If your art gallery can provide evidence that it faced restrictions or limitations due to government-imposed orders, it may still qualify for ERC.

The ERC aims to support businesses and organizations affected by the pandemic, even if their revenues increased between 2020 and 2021. By highlighting the adverse impact of government orders on their operations, your art gallery can potentially access this valuable financial relief. Speak with a Certified Public Accountant to help you understand if this kind of qualification applies to you.

Business owners who have already filed for Employee Retention Credit are probably wondering when they can expect to receive the tax credit. With such a large number of businesses being affected by the pandemic, the IRS has a high volume of applications to process. Every case is different and will have a unique timeline. Your refund could be processed in about 8 months, although it may take longer. 

If you wish to check the status of your refund, you may call the IRS, or use the “Where’s My Refund?” feature on the IRS website. 

Art galleries can find relief by claiming the Employee Retention Credit, which offers a tax credit to assist in covering pandemic-related wage expenses. However, it is crucial to emphasize that careful attention must be given to eligibility requirements and accurate reporting when claiming this credit. The IRS closely examines claims for legitimacy, and submitting an inaccurate claim can result in audits and other complications.

To ensure that your art gallery avoids these issues and receives the deserved relief, seeking professional assistance is essential. At Strategic Tax Planning, our team of experienced CPAs works closely with you to ensure compliance with all qualifications and accurate representation of facts. This guidance can help you navigate the intricate ERC rules and prevent costly errors.