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OTHER INCOME – EMPLOYEE RETENTION CREDIT
6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
OTHER INCOME – EMPLOYEE RETENTION CREDIT

NOTE 14 – OTHER INCOME – EMPLOYEE RETENTION CREDIT

 

The Company retained the services of a tax service professional to provide the Company with the specialized tax services. The services included identifying various tax initiatives as well as specifically tasking the tax service professional in applying for and the preparation of tax filings for (tax) credits available under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). During the year ended December 31, 2023, the Company received approximately $1,291,000 in tax credits under the CARES Act from the US Department of Treasury and paid approximately $178,000 to the service provider, netting the Company approximately $1,113,000 in credits for the retaining of its employees during COVID.