The Employee Retention Tax Credit (ERC) is a powerful incentive program designed to reward businesses for keeping employees on their payroll during the challenging times of COVID-19.
Don’t miss out on this incredible opportunity to strengthen your business for supporting your employees and community during the pandemic.
We Help Small Businesses get up to $28K per employee on tax credit refunds. We specialize in qualifying, maximizing, and claiming ERC funding for small business owners.
We will sort through and scrub your payroll documents (941s) to maximize your credits, amend your tax forms, and provide audit protection.
1. The CARES Act (2020):
In response to the pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted in March 2020. This landmark legislation introduced the Employee Retention Credit as a lifeline for small businesses struggling to retain their employees during lockdowns and reduced economic activity. The CARES Act allowed eligible employers to receive a refundable tax credit equal to 50% of qualified wages up to $10,000 per employee.
The Consolidated Appropriations Act (2021):
Building on the foundation of the CARES Act, this legislation, passed in December 2020, extended and expanded the ERC to provide further relief to businesses. The credit amount was increased to 70% of qualified wages, and the eligibility criteria were expanded to encompass businesses that experienced significant revenue declines.
The American Rescue Plan Act (2021):
Enacted in March 2021, this act extended the ERC yet again, enhancing its benefits for small businesses. It extended the credit availability until the end of 2021, making it applicable for more months of employee retention. Additionally, the credit percentage remained at 70% of qualified wages, but the maximum creditable wage per employee was increased to $10,000 per quarter.
“70%-80% of small and medium businesses (as well as tens of thousands of charities) were good candidates for taking the ERC. The reality is — to date the actual numbers of businesses and charities applying for the ERC — is far below that. Small and medium businesses (as well as taxexempts/ charities) are leaving billions of dollars on the table”.
…….”business owners and charity managers wrongly think ERC is only for entities that are in distress/under water. No. Congress viewed this provision as a means of encouraging businesses and charities to retain employees and hire new employees – helping to weather the economic hardships and costs brought by Covid”.
If you think that you don’t qualify, have been told by your accountant or CPA that you don’t qualify, or simply think it’s too good to be true, what would it hurt to let us try?
Fill out your contact information and we will have someone contact you without any cost to you.