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.