As part of the CARES Act introduced in 2020, Congress created a new tax credit known as Employee Retention Credit (ERC) to incentivize employers to keep workers on the payroll during the pandemic. Through this program, qualifying businesses can receive up to $26,000 per employee.
Stenson Tamaddon launched a few months into the pandemic to aid business owners who were entitled to economic stimulus benefits that would greatly impact their company. Its team of experts delivers human resources and technology-enabled services for its clients, specializing in tax incentives to support small business research and development.
This fast-growing, technology-first, locally based accounting company was co-founded by Eric Stenson and Aaron Tamaddon with a vision to hire seasoned industry professionals to provide clients with superior service, effective consultation and results. With proprietary software, their firm is able to maximize business owners’ claims more accurately than anyone else. CPAs and payroll companies turn to Stenson Tamaddon to help them file for their clients. Stenson Tamaddon not only follows the CARES Act statutory language, but also closely monitors (and often responds during notice-and-rulemaking periods) to regulations related to CARES Act programs. In addition, the Stenson Tamaddon team has regularly engaged with agencies such as the Small Business Administration for formal and information guidance on unique circumstances of clients.
A common misconception is that business owners missed their deadline to receive funds. If a business experienced a significant decline due to COVID-19 between March 12, 2020, and September 30, 2021 (or December 31, 2022, for employers who qualify as a recovery startup business), the owners can go back and claim an ERC for paid qualified wages for past calendar years with Form 941 or Form 941-X.
To date, Stenson Tamaddon’s platform has assisted more than 2,500 businesses with $1.7 billion in economic stimulus benefit.