Employee Retention Tax Credit
The Employee Retention Credit (ERC) program is a refundable tax credit program designed to reward business owners for retaining employees throughout the COVID-19 pandemic. If your business was affected by the pandemic and you kept paying your employees throughout the pandemic, you may qualify for the Employee Retention Tax Credit program under the CARES Act. Business owners impacted by COVID-19 can claim refundable tax credits worth up to $26,000 per W2 employee in your business during the pandemic.
How Do ERC Funds Work?
Even though the ERC is a “tax credit”, the IRS is distributing Employee Retention Credits as a direct payment to your business. ERC is NOT a loan so ERC funds do not need to be repaid. ERC is a permanent refund for you to keep. There are no stipulations on how a business may use ERC funds once received from the IRS.
Can I claim ERC even if I received PPP loans?
Yes! Your business can claim ERC even if you received PPP funds. Your business may receive both the ERC and PPP funds. You just cannot “double dip” using PPP funds in the ERC Calculation. All PPP funds that a business received and applied to payroll expenses must be properly accounted for when calculating qualification amounts under the ERC. Let our tax lawyers analyze the maximum amount you qualify for each quarter.
We’ll Help You Receive the Maximum Amount of Money Your Business Qualifies for Under the ERC Program
We will assist with the following:
- Determine if your business qualifies
- Assemble required information
- Maximize your credits. We’ll calculate the amount due to your business through the ERC including maximum amount of credits per quarter.
- Complete ERC Application including Tax Forms
- Submit and track your ERC Application with the IRS
NO Upfront Fees or Costs. No Fee Unless You Recover Funds
All our work is performed on a contingency fee basis. You pay nothing until your business successfully collects an ERC check from the IRS.
How Does My Business Qualify for the Employee Retention Credit?
Eligibility is determined by each quarter. Businesses can claim up to $5,000 for each employee in 2020 and up to $7,000 per quarter for each employee in the first three quarters in 2021. That’s a total of up to $26,000 per W2 employee in your business during the pandemic. Let our experienced tax lawyers do the complex analysis to determine the maximum amount you may qualify for each quarter and help your business maximize your ERC refund.
There are two tests used to determine eligibility for ERC funds. Your business may qualify for ERC funds by showing EITHER:
- Government mandates and COVID-19 restrictions had more than a nominal impact on your business; OR
- Your business experienced a significant decline in gross revenues.
Don’t Miss Out on ERC Funds for Your Business
ERC funds will not last forever. Contact us today for a free evaluation to see if your business qualifies for this ERC refund. We’ll help you determine if your business qualifies, maximize your credits, and file your ERC Application including tax forms to get you a check in the mail from the IRS. Contact us today to begin your ERC claim before funds run out.