Filing Process: The Tax Attorney Advantage

New Tax Laws Are Worth a Second Look.

In an ever-evolving financial landscape where businesses seek opportunities to leverage benefits and credits, the Employee Retention Tax Credit (ERC) emerges as a significant financial lifeline. But as with all things tax-related, the path to successfully claim the ERC isn't straightforward. Here lies the pivotal question: Should you rely on a traditional CPA, or is there an advantage in partnering with a specialized tax attorney? Let's unravel the intricacies of the ERC filing process and discern why a tax attorney might be the key to unlocking its full potential for your business.

The ERC: A Quick Overview

The Employee Retention Tax Credit is designed to support businesses that have faced operational and financial challenges due to COVID-19. This refundable tax credit targets employers who have experienced a decline in gross receipts or faced operational suspension due to governmental mandates. With potential benefits of up to $26,000 per W2 employee, ensuring a seamless and compliant ERC claim is paramount.

How Complex is the Employee Retention Credit?

The Employee Retention Tax Credit is the first of its kind. A true refundable tax credit that is being given to business owners across the United States for having paid employees during the pandemic…yes GIVEN TO BUSINESS OWNERS. This is not a loan, it's not PPP, it's a payment from the government.

The IRS expects about 80% of businesses to qualify for the Employee Retention Tax credit. You may have already been told by your CPA or another professional that you don't qualify. Why? The process for filing for the ERTC is technical in nature. The work involved can be tedious and the analysis complex. Some professionals don’t understand it and unfortunately, others just don’t want to do the work. A second opinion cannot hurt given the complex nature of the law. We take the time to review your business’s circumstances and make sure you understand and the law behind the ERC and, if appropriate, direct you how to properly document your eligibility. For our clients, we make a seemingly complex processes easy and streamlined as possible. If you are eligible, in just a few easy steps, we'll have your claim submitted to the IRS and you'll be waiting on your stimulus check in no time.


Understanding the ERC Filing Process

Eligibility Determination: Before diving into the application, businesses must assess their eligibility. This involves reviewing revenue declines and understanding the impact of governmental orders on operations.

Calculation of Credit Amount: This step requires a deep understanding of wages, health plan expenses, and intricacies like the impact of other relief programs such as PPP loans.

Claiming the Credit: Depending on the specific circumstances, businesses can claim the ERC on their quarterly tax returns or request an advance by submitting Form 7200.

Documentation & Compliance: Ensuring appropriate record-keeping and compliance is a critical component, safeguarding businesses from potential future audits or discrepancies.

Free Consultation

Right off the bat, you'll speak directly with one of our licensed tax attorneys. The attorney’s job is to ensure that you thoroughly understand the qualifications for the Employee Retention Tax Credit and determine the amount that you qualify for. We offer free audit defense and stand behind our clients’ claims. You can rest assured that if we've filed the claim for you… we have your back.

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Authorize us to Prepare Your Claim

Next, we'll send you a standard authorization for us to begin providing our services, which will detail the scope of our services and ensure that you engage an experienced ERTC attorney to file your claim for you.

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Submit Your Documents

Once you've engaged us, you will then submit a few straightforward documents through our user-friendly, online portal. You won't have to worry about sending emails, mail or leaving the comfort of your home or office. Our process is 100% online and secure through the Biz Head Law portal.

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Submit Your Claim

Once you’ve provided your documents, we turn around our work product within a week. We pride ourselves on being thorough AND efficient so you don’t have to wait weeks or months to find out the amount of your ERTC. Assuming you’re eligible, we’ll present a few documents for signature and then overnight them to the IRS for processing.

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Get Your Money

Finally, you'll receive your money. The IRS is currently taking 4-6 months for ERTC claims under $500,000 and anywhere from 6-18 months for larger claims. We move quickly understanding that the IRS has a huge backlog of ERTC claims. You only pay for our services once you receive your stimulus money from the Government. No stimulus money, no fees! This is the only time that you'll pay us for our services. If you believe you may be entitled to claim the ERTC, do not delay. We’d love to educate you, today.

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Why Opt for a Tax Attorney Over a CPA?

1. In-Depth Legal Expertise: While CPAs excel at number-crunching and general accounting, tax attorneys delve deep into tax laws, rulings, and nuances. They are trained to not only interpret these laws but to apply them strategically, optimizing the benefits for businesses.

2. Continuous Update on Law Changes: The realm of tax laws, especially those surrounding recent credits like ERC, is dynamic. Tax attorneys have their fingers on the pulse, keeping abreast of every update, interpretation, or amendment – ensuring businesses are always one step ahead.

3. Audit Defense: With the complexity of ERC claims, the risk of audits is a reality. Tax attorneys, like those at Biz Head Law, provide an invaluable shield in such scenarios. With comprehensive knowledge of tax litigation and defense, they represent and protect your business's interests.

4. Strategic Guidance Tailored for Your Business: Every business has its unique challenges and needs. Tax attorneys can provide a customized roadmap, ensuring that your ERC application isn't just a generic template but is specifically tailored for optimal results.

In Conclusion: Making the Right Choice for Your ERC Filing

While the Employee Retention Tax Credit offers a promising avenue for financial relief, navigating its complex maze requires a discerning approach. While CPAs bring a wealth of accounting knowledge to the table, the specificities and evolving nature of tax laws make tax attorneys the preferred choice for many businesses aiming to harness the full potential of the ERC.

At Biz Head Law, our team of licensed tax attorneys is committed to guiding you every step of the way, ensuring a seamless, compliant, and maximized ERC claim. Don't just claim; claim with confidence, precision, and the assurance of a tax attorney by your side.