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Let Us determine your ERC eligibility
We offer expert services to provide financial relief for those businesses that were impacted (large or small) by helping owners understand opportunities they have with pandemic relief. We focus on the Employee Retention Tax Credit, but also have loan forgiveness experience with the Paycheck Protection Program.
We are 100% IRS compliant and stay updated with the rules and guidelines that the IRS releases to ensure that all documents are prepared in the proper manner.
We pride ourselves on our quick turnaround time. Not sure if you qualify? No problem. Contact us for a free consultation and you can get instant eligibility determination within minutes. If you are eligible, one of our experts can help prepare and file forms within a 1-2 week time period. We provide a full service for the Employee Retention Credit (ERC) calculation, Form 941-X preparation, and mailing to make sure your documents get to the right governmental authority.
What is the ERC?
Many businesses experienced hardships when the COVID-19 pandemic arrived and had to quickly respond to the federal, state, and local governments that caused many businesses to close or downsize.
To prevent additional damage, the federal government passed the CARES Act. This act includes the many benefits of the Employee Retention Tax Credit. Here’s a breakdown of what qualified businesses are eligible for:
Up to $5,000 refundable credit per employee for tax year 2020.
Up to $7,000 refundable credit per employee, per quarter for (1st, 2nd, and 3rd quarters)
This means that businesses can get a max of $26,000 per employee between tax years 2020 and 2021.
How do I know if I am eligible?
How do I know if I’m eligible, you may ask? There’s a few different ways:
Gross Revenue Test
To qualify for tax year 2020, businesses had to show a decline of 50% in gross receipts in any quarter when compared to the same quarter in 2019.
To qualify for tax year 2021, businesses had to show a decline of 20% in gross receipts in any quarter when compared to the same quarter in 2019.
Shutdown Provision
A company must have suffered either a full or partial suspension due to local, state, or government mandate.
Recovery Start Up Business
If your business started after 2/15/2020, you are automatically eligible for 3rd and 4th quarter of 2021 up to $50,000 each.
Average annual gross receipts must not exceed $1 million