What was the value of Cinch I.T.'s Employee Retention Credit in 2022?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
| ASSET | S | 2022 | | 2021 | | CURRENT ASSETS | | | | - | | Cash | S | 189.038 | S | 101,234 | | Receivables: | | Trade | | 54,720 | | 112,709 | | Employee Retention Credit | | 7 | | 32.487 |
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
According to the 2024 Cinch I.T. Franchise Disclosure Document, the Employee Retention Credit is listed as an asset.
In 2022, the value of Cinch I.T.'s Employee Retention Credit was $7. This is a significant decrease from the $32,487 listed in 2021.
It is important to note that the Employee Retention Credit was established by the CARES Act, and the tax credit applies to payroll taxes paid during the year ended December 31, 2020. The credit was expected to be received in the year ended December 31, 2022.