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Employee Retention Credits
Watch our 5 Minute Video to learn more.
Get up to $26,000 / Employee
You do NOT have to pay this refund back.
615-613-5901 Employee Retention Credits - Tax Refunds - IRS Tax Refund -Covid ACT
Their proprietary software and professional team of CPAs have assisted over 7000 businesses retain billions of dollars in stimulus funding.
Employee Retention Credits Tax Refunds IRS tax refund
WHAT IS THE AMERICAN RESCUE PLAN ACT?
H.R.273The Coronavirus Aid, Relief, and Economic Security Act or, CARES Act, was passed by Congress on March 27th, 2020. This bill allotted $2.2 trillion to provide fast and direct economic aid to the American people negatively impacted by the COVID-19 pandemic.
What is the Employee Retention Credit (ERC)? The ERC is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees.
Who Qualifies:
Following the enactment of the American Rescue Plan Act, most employers, including colleges, universities, hospitals and 501(c) organizations can qualify for the credit. Previously, the Consolidated Appropriations Act expanded qualifications to include businesses who took a PPP loan, including borrowers from the initial round of PPP who originally were ineligible to claim the tax credit. Qualification is determined by one of two factors for eligible employers. The first is to have the requisite decline in revenue for any eligible quarter in in 2020 or 2021. The second is if your business has a full or partial suspension under government orders. The revenue decline test differs for 2020 and 2021.
On March 11, 2021, The American Rescue Plan Act of 2021 was signed into law and included many modifications and expansions to existing elements of previous stimulus programs. Noteworthy modifications for business owners included: Businesses who applied for and received PPP funds could now also claim ERTC credits. ERTC credits could be retroactively claimed for businesses that qualified in 2020. ERTC credits were extended through 9/30/21 with lower qualification requirements. The per-employee cap on qualifying wages increased from $10,000 for all of 2020 to $10,000 per quarter for the first 3 quarters of 2021. The refundable credit amount increased from 50% of qualifying wages in 2020 to 70% in 2021. So the short answer is “Yes” . . . you can claim ERTC even if you received PPP funds. Employee Retention Credits Tax Refunds irs tax refund
WHAT IS THE AMERICAN RESCUE PLAN ACT?
H.R.273The Coronavirus Aid, Relief, and Economic Security Act or, CARES Act, was passed by Congress on March 27th, 2020. This bill allotted $2.2 trillion to provide fast and direct economic aid to the American people negatively impacted by the COVID-19 pandemic. Employee Retention Credits Tax Refunds IRS tax refund
What is the Employee Retention Credit (ERC)? The ERC is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees.
Who Qualifies:
Following the enactment of the American Rescue Plan Act, most employers, including colleges, universities, hospitals and 501(c) organizations can qualify for the credit. Previously, the Consolidated Appropriations Act expanded qualifications to include businesses who took a PPP loan, including borrowers from the initial round of PPP who originally were ineligible to claim the tax credit. Qualification is determined by one of two factors for eligible employers. The first is to have the requisite decline in revenue for any eligible quarter in in 2020 or 2021. The second is if your business has a full or partial suspension under government orders. The revenue decline test differs for 2020 and 2021.
On March 11, 2021, The American Rescue Plan Act of 2021 was signed into law and included many modifications and expansions to existing elements of previous stimulus programs. Noteworthy modifications for business owners included: Businesses who applied for and received PPP funds could now also claim ERTC credits. ERTC credits could be retroactively claimed for businesses that qualified in 2020. ERTC credits were extended through 9/30/21 with lower qualification requirements. The per-employee cap on qualifying wages increased from $10,000 for all of 2020 to $10,000 per quarter for the first 3 quarters of 2021. The refundable credit amount increased from 50% of qualifying wages in 2020 to 70% in 2021. So the short answer is “Yes” . . . you can claim ERTC even if you received PPP funds.
Did your business suffer revenue losses or experience full or partial suspension of operations due to COVID?
US based businesses that have been negatively impacted by this incident could qualify for up to $26K per employee.
Employee Retention Credit Limitation The Infrastructure Investment and Jobs Act, enacted on November 15, 2021, amended section 3134 of the Internal Revenue Code to limit the Employee Retention Credit only to wages paid before October 1, 2021, unless the employer is a recovery startup business.
Did you experience a reduction in revenue due to the COVID pandemic?
Yes No
Did you partially or fully suspend any portion of your business due to the COVID pandemic?
Yes No
Did your employees ever need to work remotely due to government orders, resulting in a limitation on their performance?
Yes No
Did your organization ever have a limitation on its gatherings due to government orders, thus affecting its operations?
Yes No
Did your organization ever experience disruption from your providers due to government orders?
Yes No
Was your organization ever impacted in its ability to serve clients or customers due to supply chain issues created by government orders during the pandemic?
Yes No
Employee Retention Credits Tax Refunds IRS tax refund
Restaurant Revitalization Fund
The Restaurant Revitalization Fund (RRF) is a $28.6B SBA grant program established through the American Rescue Plan Act. The grant is calculated by taking your 2019 gross receipts and backing out your 2020 gross receipts and PPP loan funds. Many businesses in the food and beverage industry have been struggling through the pandemic. Our Associate firm are prepared to help guide you through the complex grant process. This time sensitive program will allow you to quickly infuse funds into your business. Let our Partners and Associates assess the opportunity, maximize benefits, and manage the grant process from application to approval. They will keep your business in compliance and provide audit support. About RRF: $10,000,000 Maximum per grant. $5,000,000 Maximum per location. Restaurants with 20 or fewer locations are eligible for this program. Grants can cover eligible expenses incurred between February 15, 2020 to December 31, 2021. Unused grant funds must be returned. Initial period that prioritizes businesses owned by women, veterans, and economically disadvantaged. Not subject to federal income tax $24.5 B
R-2020-57, March 20, 2020 WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members.
The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.
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WE ARE HERE TO ASSIST BUSINESSES NAVIGATE THE COMPLEX RULES AND REGULATIONS SURROUNDING ECONOMIC STIMULUS PROGRAMS.
You may receive funds if you ae a small business with up to 500 employees. Funds are averaging from $100,00 to $500,000. (No repayment is required) Employee Retention Credits Tax Refunds irs tax refund
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Employee Retention Credits Tax Refunds irs tax refund
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Unlike the Payroll Protection Program (administered by the Small Business Administration), there is actually no “application process” for the Employee Retention Tax Credits. You simply claim the ERTC tax credit like you would any other tax credit – by asserting to the IRS that you can legally claim the credit. When you claim a child tax credit, you do so by asserting this fact on your Form 1020 Personal Income Tax Return. The difference is that when you claim an ERTC tax credit, you do so on your Form 941 Employer Quarterly Tax Filing. For prior quarters, you must file an amended form (the Form 941-X) to reduce your current quarter’s tax contribution and request a refund of excess credits (which is highly likely). Another perk of ERTC, is that since you can often estimate these credits in advance of distributing cash for payroll, you can file a Form 7200 to receive a cash advance to avoid waiting until the end of the quarter to apply for the refund.
Employee Retention Credits Tax Refunds irs tax refund
Surpassed 2.2 Billion Dollars in Relief funds processing!
Employee Retention Credits Tax Refunds irs tax refund
Accountant shared this Cares ACT with a Business owner so he could take advantage of the CARES ACT. Fast forward, this company in 11 months processed over 2.2 Billion in Tax Credits for others.
Employee Retention Credits Tax Refunds irs tax refund
Please reach us at agentrodneybush@gmail.com if you cannot find an answer to your question.
Even though you may feel like revenue is back to normal, there are some items you want to consider before passing on this ERTC assessment. First, even if revenues have returned to “normal” in 2021, you may have qualified in 2020 and you can retroactively claim those credits. That eligibility criteria in 2020 was based on revenue declines from 2019, or if your business was partially or fully closed due to governmental mandate.
Second, while your revenue may have returned to “normal” in Q1 2021, remember that we are comparing your Q1 2021 to Q1 2019. If 2019 was a year of growth for your business, then your revenue levels 2 years ago may have been much less than Q1 2020.
And lastly, if your revenues were down in Q4 2020 by just 20% compared to Q4 2019, then you may also be eligible for Q1 2021. There is a safe harbor provision that few advisors are talking about, and it means that many businesses are qualifying for $7,000 per employee in Q1 2021. I know, it seems too good to be true, but the government wants to incentivize and reward you for keeping US residents employed and money flowing through our economy as we rebuild bigger and stronger than before.
You are most likely referring to a provision of the CARES Act that allowed employers to defer the deposit and payment of the employer’s share of Social Security taxes. Those deferrals must then be repaid – with at least 50% of the balance due by 12/31/21 and the remaining balance due by 12/31/22. ERTC credits are NOT a deferral. They are dollar-for-dollar credits against wages you’ve paid. Not taxes you’ve paid, but actual wages. These credits can offset future tax contributions or you can receive a refund check – it’s your choice.
And you will NOT have to re-pay these funds (unless, of course, you don’t provide adequate documentation in the course of an audit).
Your banker, CPA, or Financial Advisor was probably very helpful when it came to getting your PPP funds because they were effectively signing you to an SBA-guaranteed loan. The SBA paid the bank administrative fees based on the PPP loans they made, and so they were incentivized to educate you about the program and get all your paperwork in order. Compared to the ERTC, the PPP program was also a rather simple calculation. 2 ½ times your average monthly payroll including health insurance and state unemployment taxes. From the conversations we’ve had with bankers, they have no interest in involving themselves in your employment tax compliance. For them it is a liability and beyond their scope of services.
Please reach out to us at agentrodneybush@gmail.com
Your Payroll Service does an excellent job of executing the fundamentals of paying your employees, paying your employment taxes and filing your quarterly reports.
But computing your ERTC credits requires visibility into your P&L and PPP forgiveness applications. Not only that, but the complex requirements around eligibility and allocating ERTC credits at the employee-level while accounting for annual and quarterly qualifying wage gaps and . . . well, you can probably tell why Payroll Services are not offering to do all of this for you.
The Payroll Services that we’ve worked with so far are happy to provide the payroll registers that we need to perform the allocations. And they are happy to file the Amended Form 941-X with the IRS on our client’s behalf.
But that’s the extent of it.
In fact, most wise Payroll Services are asking clients to sign an indemnification waiver before submitting a Form 941-X because the Payroll Service can take no responsibility for the accuracy of the ERTC credits you are claiming. For them to involve themselves in the intricacies of this calculation, it is a liability and beyond their scope of services.
Whether your tax accountant is a CPA or EA, he or she most likely only prepares your Federal and State Income Tax Returns. However, ERTC credits are claimed against Employment Taxes on Form 941, and cash advanced through Form 7200.
The complexity of the ERTC program is a beast unto itself and every tax accountant we’ve talked to has said they focus on staying up-to-date on the ever-evolving income tax code, and they can’t now become experts in the ERTC program as well.
If your tax accountant is comfortable determining your eligibility by quarter and year, computing your credits, and preparing contemporaneous documentation to support an IRS audit, then you should certainly let them handle all of this.
If you want a second set of eyes on this, we’re happy to take a look.
Your Bookkeeper should certainly have access to all the information that is needed for an accurate calculation of your legal ERTC claim. They will have your financial reports, payroll registers, and PPP loan forgiveness documents. The Million Dollar Question is . . . Do They Have The Time?
Do they have the time to dig into the text of American Rescue Plan Act of 2021
And its accompanying referenced laws like: CARES Act, Families First Act, Payroll & Healthcare Enhancement Act, PPP Payroll Flexibility Act and the Consolidated Appropriations Act.
Time to read the IRS Interpretations and FAQ’s? And cross-reference those definitions with that of PPP which was separately defined and dissimilarly interpreted in the Small Business Administration’s Bulletins and IFRs?
Do they have the time to ensure accuracy in eligibility determination, maximize your computation and create the supporting documentation you’ll need to support an IRS audit of employer taxes?
So far, we have not found a bookkeeper who is able to take all this on, while handling the day-to-day of bookkeeping. If yours can, then take them up on their offer. We’re happy to take a second look.
Montessori School in Addison, Illinois, 35 W-2 Employees; $175,000 Credit
Employee Retention Credits Tax Refunds irs tax refund
Answer simple questions on this site to begin your claim. We will email you a secure link to an questionnaire to be completed online.
Employee Retention Credits Tax Refunds irs tax refund
Upload your 941 returns, PPP loan documents, and raw payroll data on our secure portal.
Employee Retention Credits Tax Refunds irs tax refund
We calculate the credit you can receive from the IRS.
Employee Retention Credits Tax Refunds irs tax refund
We will prepare and help you file the 941-X Amended payroll returns.
Employee Retention Credits Tax Refunds irs tax refund
The IRS will process your credit and mail you a check.
Employee Retention Credits Tax Refunds irs tax refund
Please reach us at agentrodneybush@gmail.com
615-613-5901
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