60. What Collision Shop Owners Should Know About Employee Retention Credits (ERC) with Ray Roth

A lot of businesses all over the world have been hit hard by the pandemic and the collision industry is no exception. With a lot of us working from home, people were driving less and there has been a significant decrease in the number of car accidents.

As a result, many shops were forced to lay off their workers and even close their doors.

Fortunately, the Coronavirus Aid, Relief, and Economic Security Act (CARES) has provided some form of relief in the form of Employee Retention Credits (ERC).  The ERC is a tax credit that helps keep businesses afloat and keep their workers on the payroll.

However, not a lot of collision shop owners know what ERC is and how to qualify for it.

Join Matt DiFrancesco and Ray Roth, Director of Disputes, Compliance, and Investigations with Stout, as they talk about what collision shop owners need to know about ERC and why they need to take advantage of it.

They also talked about:

(03:20) How Ray got involved in the Employee Retention Credit Program
(06:21) What are Employee Retention Credits?
(07:54) How does a shop owner qualify for these?
(16:35) What Ray thinks the ERCs are such a well-kept secret
(17:31) One of the hurdles in getting business owners to apply for ERC
(19:56) Why 99% of businesses took PPP over ERC
(20:46) The importance of bringing in an outside expert to help translate what these programs are
(21:28) One of the best referral sources for Stout
(22:59) The next steps a shop owner should take if they’re interested in applying for ERC
(27:12) What Ray wants people to understand about the legitimacy of their analysis

Connect with Ray Roth

Email: [email protected]

Website: https://www.stout.com/en/

Connect With Matt DiFrancesco:

[email protected]

(814)201-5855

LinkedIn: Matt DiFrancesco

LinkedIn: High Lift Financial

Facebook: High Lift Financial

About Our Guest:

Ray Roth is the Director of Disputes, Compliance, and Investigations with Stout, a global financial and operation and advisory service firm. They work in a number of different industries like investment banking, they do valuations, right, transaction advisory, disputes, and compliance. And they have over 500 professionals and they have 26 offices worldwide.

Ray is a certified public accountant in the state of Michigan and a Certified Fraud Examiner. He's got 17 years of experience providing a wide range of professional consulting services.

He also works with federal regulators, compliance monitors, municipalities, board of directors, and business owners, and helps them to identify different casual events that may affect them, and also those events that may impact their business operations.

Ray got his bachelor's in Business Administration from Cleveland State.  He is a member of the American Institute of Certified Public Accountants, the Association of Certified Fraud Examiners and he is the immediate past chairman of the Michigan Association of Certified Public Accountants Fraud Task Force.

DISCLAIMER

The information compiled and posted here solely represents the opinions and views of the guest. It might not be similar to the opinions and views of High Lift Financial. It is not a substitute for tax or legal advice or professional investment.

Always consult your financial advisor with any personal or business planning queries. DiFrancesco Financial Concierge, LLC. d/b/a HighLift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania’s regulatory oversight.