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Unveiling the ERC:
Supporting Businesses Amidst COVID-19
Introducing the Employee Retention Credit (ERC)
In the face of the profound impact of COVID-19 on small to medium-sized businesses, you certainly weren’t alone in experiencing financial hardship. To aid in recovery, Congress swiftly enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes a crucial provision known as the Employee Retention Credit (ERC).
➤ Demystifying the ERC – The Employee Retention Credit (ERC) was specifically designed to incentivize and assist employers who retained their workforce throughout 2020 and the initial three quarters of 2021. By offering a generous payroll tax refund administered through the Internal Revenue Service (IRS), this credit provides tangible support to eligible businesses.
Qualifying businesses have the opportunity to receive a refund of up to $5,000 per employee for the entirety of 2020, and an additional refund of up to $7,000 per employee for each quarter during Q1 through Q3 of 2021. This translates to a potential maximum refund of $26,000 per employee retained on your payroll.
Unveiling the ERC:
Supporting Businesses Amidst COVID-19
Introducing the Employee Retention Credit (ERC)
In the face of the profound impact of COVID-19 on small to medium-sized businesses, you certainly weren’t alone in experiencing financial hardship. To aid in recovery, Congress swiftly enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes a crucial provision known as the Employee Retention Credit (ERC).
Qualifying businesses have the opportunity to receive a refund of up to $5,000 per employee for the entirety of 2020, and an additional refund of up to $7,000 per employee for each quarter during Q1 through Q3 of 2021. This translates to a potential maximum refund of $26,000 per employee retained on your payroll.
Unveiling the ERC:
Supporting Businesses Amidst COVID-19
Introducing the Employee Retention Credit (ERC)
➤ Recognizing and Rewarding Business Dedication – The ERC serves as a commendation for businesses that prioritized maintaining their employees on the payroll throughout the challenging years of 2020 and 2021.
➤ From Underutilized to Expansive – Initially, the ERC remained relatively underutilized; however, it has since undergone significant expansions and multiple amendments by Congress, making it more accessible and beneficial for qualifying businesses.
➤ Flexible Capital for Varied Business Needs – Businesses eligible for the ERC typically receive the refunds in the form of a check issued by the United States Treasury, providing capital that can be utilized for diverse business requirements.
➤ Origins in the CARES Act – It is worth noting that the ERC was established within the same relief bill that introduced the Paycheck Protection Program (PPP) loans, highlighting its integral role in bolstering businesses and fostering economic recovery.
With the Employee Retention Credit, businesses now have a valuable tool at their disposal to alleviate the financial strain caused by the pandemic and forge a path towards resilience and growth.
The Employee Retention Credit
Eligibility Requirements
Any employer engaged in a trade, business, or tax-exempt organization.
Having less than 100 full-time employees (based on the 2019 calculation) to qualify for the 2020 ERC refund.
Having less than 500 full-time employees (based on the 2019 calculation) to qualify for the 2021 ERC refund.
The Employee Retention Credit
HOW WILL THE PROCESS WORK?
Data
Gathering
STEP 1
Utilize our secure portal to fill up our Eligibility Form. To See if you qualify. No upfront costs
Credit
Calculation
STEP 2
We leverage our expertise to accurately calculate the maximum value of the Employee Retention Credit that your business can receive from the IRS.
Amending
Returns
STEP 3
Our services include preparation and filing assistance for the 941-X amended payroll returns.
Final
Processing
STEP 4
After the IRS processes your credit, they will issue a check which will be mailed to you.
The Employee Retention Credit
Effortlessly Navigate
the Filing Process for the ERC
Once you have determined that your business qualifies, you will need to complete the appropriate tax forms for the year 2020 and the relevant quarters of 2021.
Obtaining the refund typically takes several months. Therefore, it is crucial to ensure that your forms are accurately filled out. Incomplete or erroneous forms can be rejected, leading to the need for your business to resubmit the filing.
Unveiling the ERC:
Once you have determined that your business qualifies for the Employee Retention Credit (ERC), it’s crucial to proceed with the proper filing procedures. To initiate the process, you will need to complete the specific tax forms for the applicable periods, including the 2020 tax year and the relevant quarters of 2021.
It’s important to note that receiving the ERC refund typically involves a waiting period of several months. To avoid any delays or complications, it is crucial to ensure that your forms are accurately and completely filled out. Incomplete or erroneous submissions may result in rejection, requiring you to re-file and prolonging the refund process for your business.
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