Lucy & Jeff share their feelings about the ERC Program (As of June 15th, 2022)
Dear 2019, 2020 and 2022 Business Owners,
We have found that due to the six legislative changes that have occurred since the CARES Act was announced, including the Employee Tax Credit (ERC) program, that there are many misconceptions floating around. Many CPA’s and CFO’s do not fully understand the program, mostly because of all the changes that have occurred since it was first announced. After hearing our clients share their confusion we have decided to share our thoughts and an offer to help you get what you deserve.
We are not ERC Program experts, but we have found some of the best in the country. We interviewed several companies that advertised they can help with ERC and selected a few that we recommend. We don’t think it is wise to allow just an accounting firm to handle this important task for you. Instead, you need to work with a company that has accounting, tax, ERC and legal experts on staff. You also need to work with someone who will not charge you unless and until you have your refund.
If you want to talk about the program, we will chat with you first. Then we can arrange a no-obligation call with an ERC Specialist. If you decide to proceed after that call, the ERC Specialist will provide you with a portal to use to provide information about your company and payroll. About 7 days later, the ERC Specialist will email you a proposal that outlines to the penny how much you can receive as a refund. At this time, they will include their agreement and if you want to go forward, they can get started. You only pay them once you receive a refund. There are no hidden fees with the ERC Specialist companies we suggest using.
We are here to help you. Don’t let money you deserve to slip away by being misinformed or by procrastinating. Call anytime!
We are pleased to share these Frequently Asked Questions businesses often ask about the ERC program. Review these and then give us a call.
If COVID negatively impacted your business in other ways you can still qualify. Talking to one of our recommended ERC Specialists will help you determine your qualification status.
Yes, you may still qualify even though you are not an essential business. Talking to one of our recommended Specialists will help you determine your qualification status.
Congrats on making a profit during the pandemic! Yes, you may still qualify for ERC. Talking to one of our recommended Specialists will help you determine your qualification status.
Yes. The statute of limitations for the 2020 ERC does not close until April 15, 2024. The statute of limitations for the 2021 ERCs does not close until April 15, 2025. However, you will want to apply and get approved sooner than later just in case there is another change.
That is no problem at all. If we can demonstrate that you had some major disturbances to your business operations, then you may still qualify for the ERC. “Major” is subject to a lot of different definitions such as personal attendance issues, supply chain shortages, business disruptions, etc.
Taking a PPP loan does not disqualify you from ERC. This will factor into your rate of refund, and you may still qualify for the program.
Yes! Nonprofits are great for ERC assuming they meet the requirements. Talking to one of our Specialists will help you determine your qualification status.
No. An employer may include wages paid to part-time and full-time employees in the calculation of the ERC. The only limitation on the calculation of the credits is that an employer may only calculate the credits on the first $10,000 of wages and health plan costs paid to each employee during each credit-generating period.
No. 1099 Contractors do not count for ERC. Only W-2 employees count for this refund.
The maximum refund amount through ERC is $33K per employee, but we do not like to tell people to expect that much of a refund. Talking to one of our Specialists will help you determine your qualification status and the total amount of the refund.
Possibly. Talking to one of our recommended ERC Specialists will help you determine your qualification status.
Absolutely! Businesses that operate in multiple states do require a lot of tax law and additional paperwork, but that is why we are here!
Absolutely! We encourage businesses to bring their CPA onto the phone call with our ERC Specialist, so you feel comfortable with the entire ERC program.
Amending your past 941 quarterly payroll tax forms will get your refund returned to you within 4-5 months. This is how long it is taking the government to process the amendments. Your 2021 Q3 and Q4 refunds will be returned to you within 30 days of filing your 941 quarterly payroll tax forms.
Yes. The ERC is considered taxable income for your business. We suggest you consult your CPA about this income you will be receiving. And remember, you can pay your new taxes out of this windfall of cash, and you will still have more now by taking advantage of this great CARES Act program!
No. The ERC is not a loan. It is a refund covered under the CARES Act to help business owners through the pandemic.
Yes, you may still qualify, yet there are different requirements to discuss. Talking to our recommend ERC Specialist will help you determine your qualification status.
The paperwork required for ERC may include income statements, payroll hours, and your past 941 quarterly payroll tax forms. The ERC Specialist will walk you through those requirements when you speak with them on a call.
ZERO! They only get paid when you get paid, so if you never receive a refund, you will never get a bill from them.
Absolutely! Talking to our recommend ERC Specialist will help you determine your qualification status on all businesses.
The ERC is based on EINs for the business.
Don’t miss this opportunity to get money in the door. It looks like tough times may be around the corner and we want all our contacts to benefit from the ERC program.
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