ERC’s are refundable tax credits designed to reward business owners for retaining employees throughout the COVID-19 pandemic. It’s now 2022, but Employers can still apply for the credit retroactively.
The Employee Retention Credit is available to small and mid-sized businesses. It was signed into law on March 27, 2020, as part of the CARES Act—and significantly expanded in 2021. Businesses can claim up to $5,000 in refundable tax credit for each employee in 2020 and up to $7,000 per quarter for each of the first three quarters in 2021.
At no cost—We will determine if you qualify. Note: Usually we can determine this by simply reviewing a profit and loss by quarter from 1/1/2019 through 9/30/2021.If you do qualify—we will obtain sufficient payroll information from you to estimate the amount of ERC credits available to you. We will then prepare a reasonable, no-obligation fee estimate to help you claim the credits.Lastly—if we are engaged to do so, we will prepare the amended 941 returns and the associated support to claim all the credits available to you. This includes:Preparing and documenting in detail the calculations for ERCPreparing your PPP loan forgiveness application and supporting documentation (if not already completed)Checking for conflicts and excluding ineligible wages to family and wages used for Payroll Protection Program loan forgivenessPreparing the amended 941 returns (941x) and mailing the 941x returns via certified mailPreparing (and providing to you) a well-documented set of workpapers supporting the ERC amounts / filings. This will be needed in the event you are audited.Staying in contact with you until all credits have been received.Note: We also offer deferred payment options wherein fees for services are not due until AFTER you receive the ERC refund from the IRS.