If your shop kept employees on payroll during COVID-19, you could still claim the Employee Retention Credit (ERC)—a refundable tax credit worth up to $21,000 per employee. Many small to medium-sized businesses, including auto repair shops, qualify but don’t even realize it. Don’t leave money on the table!

The ERC was created under the CARES Act to reward businesses that retained employees during the pandemic. Unlike a loan, the ERC does not need to be repaid and can still be claimed retroactively, but the deadline is approaching fast.

How Much Can Your Shop Get?

• For 2021: The credit covers 70% of wages, up to $7,000 per quarter (Q1–Q3), for a total of up to $21,000 per employee.

Even if your shop received Paycheck Protection Program (PPP) loans, you may still qualify for the ERC.

Who Qualifies?

Your business may be eligible if it meets at least one of these criteria:

✅ A significant revenue decline (20% drop in revenue in Q1, Q2, or Q3 of 2021, compared to the same quarter in 2019)

✅ A partial or full shutdown due to government restrictions

✅ Suspended business operations due to supplier shutdowns or delays that impacted normal operations

If your shop faced any of these challenges, you may qualify for a large refund.

How Do You Claim the ERC?

To claim the credit, businesses must file an amended payroll tax return (Form 941-X) for each eligible quarter.

Important Deadline:

📌 For 2021 wages: Deadline: April 15, 2025

If you’re unsure whether you qualify, now is the time to check. Talk to your accountant or a trusted tax professional to see if your business can claim thousands in credits for wages you’ve already paid.

Don’t wait—once the deadline passes, you won’t be able to claim the ERC!!

For more details, visit the IRS website or consult a tax professional to ensure you receive every dollar you’re entitled to.

Honda and Nissan have decided to call merger talks quits after a couple months in a union that would have created the world's third largest automaker. Nissan had suffered a 93% net profit drop in the first half of 2024 and lost thousands of employees, but Honda's CEO insisted the merger was not a bailout.

But rather than integrating Nissan as an equal, the proposed plan would have had Honda as a parent company and Nissan as a subsidiary through a share exchange. Incidentally, the discussions fell apart.

Despite the termination of potential merger, the companies say they will continue to collaborate and capitalize on the era of intelligent and electric vehicles.

Thankfully CAS still carries tools for both Honda and Nissan!

Read more here: Original Article

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