ERTC Tax Credit
The ERTC tax credit or ERC Credit may be the closest thing to free money your business will ever see.
Take Advantage of the EMPLOYEE RETENTION TAX CREDITS that the IRS Owes You
If you paid employees in 2020 and/or 2021, your business likely qualifies for a refund check from the IRS … even non-profits & startups
Your company may be eligible for a ERTC Tax Credit or for ERC Credit
There is no need to pay back the tax credits you receive!
What are Employee Retention Tax Credits (ERTC) ?
The Employee Retention Tax Credit (ERTC) was approved under the CARES Act for all businesses for the purpose of keeping their employees working.
The ERTC is basically a “refund check” issued by the IRS to partially reimburse eligible employers for their payroll costs.
Employers can receive up to $26,000 per employee.
Bottom line, there is a tremendous amount of money waiting to be claimed!
ACT FAST! The credits last until the Program Funding Runs out.
How the Employee Retention Tax Credit Program Works
The CARES Act includes two stimulus programs for employers: (1) the Employee Retention Tax Credit (ERTC), and (2) the Paycheck Protection Program (PPP). In 2020 (and in early 2021) most employers ignored ERTCs, instead opting for the PPP. That’s because initially they could only participate in one of the programs, and at the time the PPP was the quickest way to receive financial help.
(And NO, the latest November 2021 legislation by Congress did NOT eliminate this program, it simply limited the eligible 2021 quarters for most businesses to just Q1, Q2 & Q3.)
HOWEVER, the IRS now allows recipients of Paycheck Protection Program (PPP) loans to retroactively participate in the Employee Retention Tax Credit (ERTC) as well.
This means that eligible employers can now receive:
• up to $5,000/ employee paid from 3/12/20-12/31/20
• up to $7,000/ per qtr / per employee for qtrs 1, 2 & 3 in 2021.
Who is Eligible for 2020 & 2021 ERTC Tax Credits?
Criteria #1: Must Issue a Formal Payroll
Employers must file Form 941s and W-2s. Sole-proprietors are ineligible.
Criteria #2: Eligible Employee Headcount
Employers must have below a certain number of full-time (FT) employees in 2019. NOTE: this is not the same as FT equivalents (FTEs).
- 2020 program: fewer than 100 FT employees, unlimited PT
- 2021 program: fewer than 500 FT employees, unlimited PT
Criteria #3: Must meet one (not necessarily both) of:
A: Reduced Business Receipts (Sales) for a Calendar Quarter
For example: A business with $100,000 in sales for Q2 2019,
Q2 2020: eligible with < $50,000 in sales (or 50% lower)
Q2 2021: eligible with < $80,000 in sales (or 20% lower)
B: Must have been fully/partially shut down by government order
For example: A “Stay at Home” order for non-essential businesses, or a capacity limit for a restaurant, would meet this test. (The order is likely jurisdiction specific.)
You can also have the same, or even more sales, and still qualify to receive an ERTC refund check from the IRS!
How Does Your Business Get Paid the ERTC Tax Credit?
We’ve hired a team of seasoned professional tax accountants to help businesses just like yours, navigate the complex requirements for receiving ERTC refund checks from the IRS.
We’ve simplified the entire process for your ERTC Credit:
- Click the button below and complete our initial Questionnaire which will help us to analyze your business and determine your eligibility.
- Securely upload your Form 940, Forms 941, and a complete paycheck register (showing compensation by employee by date and type).
- Within 5 to 7 business days, we’ll determine the ERTC refund you’re entitled to receive from the IRS.
- Additionally, we will prepare the amended Forms 941-X required to request your refund. The IRS will process your credit and mail you a check.