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Remember the PPP loans? This is even better.
If you have any w2 employees, the US government has another cash giveaway that might mean a nice cash influx for your business. The process to see if your business qualifies is actually simple (you merely fill out the form with some non-proprietary info) and you can get a no-obligation quote on how much Uncle Sam owes you!
Take a minute (shouldn't be any longer than that) to fill out the form and one of the CPAs will reach out in a couple of days with the details for getting what you are entitled to .
https://UncleSamOwesYou.com
Your banker, CPA, or Financial Advisor was probably very helpful when it came to getting your PPP funds because they were effectively signing you to an SBA-guaranteed loan. The SBA paid the bank administrative fees based on the PPP loans they made, and so they were incentivized to educate you about the program and get all your paperwork in order.
Compared to the ERTC, the PPP program was also a rather simple calculation. 2 ½ times your average monthly payroll including health insurance and state unemployment taxes.
ERTC credits are NOT a deferral. They are dollar-for-dollar credits against wages you’ve paid. Not taxes you’ve paid, but actual wages.
These credits can offset future tax contributions or you can receive a refund check – it’s your choice.
And you will NOT have to re-pay these funds (unless, of course, you don’t provide adequate documentation in the course of an audit).
https://UncleSamOwesYou.com/
Unlike the Payroll Protection Program (administered by the Small Business Administration), there is actually no “application process” for the Employee Retention Tax Credits.
You simply claim the ERTC tax credit like you would any other tax credit – by asserting to the IRS that you can legally claim the credit.
When you claim a child tax credit, you do so by asserting this fact on your Form 1020 Personal Income Tax Return.
The difference is that when you claim an ERTC tax credit, you do so on your Form 941 Employer Quarterly Tax Filing.
For prior quarters, you must file an amended form (the Form 941-X) to reduce your current quarter’s tax contribution and request a refund of excess credits (which is highly likely).
Another perk of ERTC, is that since you can often estimate these credits in advance of distributing cash for payroll, you can file a Form 7200 to receive a cash advance to avoid waiting until the end of the quarter to apply for the refund.
Initially with the CARES Act, employers could choose to apply for PPP or claim ERTC credits, but not both.
PPP was more beneficial than ERTC for most businesses (for reasons we won’t go into here) and so most businesses with under 500 employees received forgivable PPP Loans.
On March 11, 2021, The American Rescue Plan Act of 2021 was signed into law and included many modifications and expansions to existing elements of previous stimulus programs.
Noteworthy modifications for business owners included:
Businesses who applied for and received PPP funds could now also claim ERTC credits.ERTC credits could be retroactively claimed for businesses that qualified in 2020.ERTC credits were extended through 9/30/21 with lower qualification requirements.The per-employee cap on qualifying wages increased from $10,000 for all of 2020 to $10,000 per quarter for the first 3 quarters of 2021.The refundable credit amount increased from 50% of qualifying wages in 2020 to 70% in 2021.So the short answer is “Yes” . . . you can claim ERTC even if you received PPP funds.
The Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act) was signed into law on March 27, 2020. It included two programs to assist businesses with keeping workers employed: the Payroll Protection Program (PPP) administered by the Small Business Administration and Employee Retention Tax Credit (ERTC) administered by the Internal Revenue Service.
PPP funds are distributed based on 2.5 months of payroll and a minimum of 80% of the funds must be used on payroll to be eligible for forgiveness. Additionally, PPP funds are not taxable as revenue and you may still take deductions for the payroll covered by PPP.
ERTC tax credits, however, are credits (or refunds) for a percentage of payroll in each quarter that you qualify. There are specific rules for determining eligibility by quarter, and limiting the dollars that can be claimed for each employee.
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The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.
A law retroactively changed the end date of the Employee Retention Tax Credit program to Sept. 30, 2021 for most businesses. They have three years to see if they can claim ERTC retroactively.
The Employee Retention Payroll Tax Credit is an incentive originally created within the CARES Act intended to encourage employers to keep employees on the payroll as they navigate the unprecedented effects of COVID-19.
The Employee Retention Tax Credit Reinstatement Act� was introduced in the U.S. Senate to reinstate the ERTC to the fourth quarter of 2021.
Although the Employee Retention Tax Credit (ERTC) is expiring at the end of 2021, there's still time for eligible businesses to claim the credit and receive 70 percent of the first $10,000 of qualified wages paid per employee in each qualifying quarter.
Suffer a decline in gross revenue in 2020 and/or 2021? See if you qualify for ERTC. We can help you calculate the credit. Get Started Today!
If your company was significantly affected by the pandemic, you may qualify for the employee retention tax credit (ERTC). Learn more today!
EMPLOYEE RETENTION TAX CREDIT (ERTC) Get up to $26,000 per employee Disclaimer: The contents on this page are intended to convey general information only. It should not be construed as, and should not be relied upon for, legal or tax advice and it may not reflect the most current developments. We strongly recommend business owners consult with their certified public accountant
ertc filing - Employee Retention Tax Credit, Find out if you are eligible for the ERTC up to $33k per employee. File now and receive your credit in as little as 10 weeks.
R&D Tax Credits and Employee Retention Tax Credits. Our solution optimizes your benefit, streamlines the process, and ensures IRS compliance.
The ERTC PPP were created to help businesses to keep workers employed through the worst parts of the pandemic, but accounting for them can be complicated.
We have launched a simple form to help employers determine if they qualify for Employee Retention Tax Credit (ERTC) and how much they can claim.
The Employee Retention Credit program has become the largest United States government stimulus program in history, with approximately $80 billion in funds to be claimed.
This past spring, the IRS issued Notice 2021-49 regarding Employee Retention Tax Credits. According to the IRS, ERTC should be accounted for in the employers 2020 tax return, generally as a deduction of expense.
The legislation would retroactively restore the Employee Retention Tax Credit (ERTC) for the fourth quarter of 2021.
More businesses can now qualify for the Employee Retention Tax Credit. Find out if your business is eligible and how to claim the ERTC before the end of 2021.
Congress created the Employee Retention Tax Credit (ERTC) in March 2020 to provide financial relief to small businesses during the pandemic. Here are some key facts about the ERTC and how you may benefit from it.
The Employee Retention Tax Credit (ERTC) can provide substantial financial assistance to struggling businesses in 2021. Here's how to take advantage of the ERTC.
The ERTC was designed to help small businesses rehire and retain employees they had to let go due to the COVID-19 pandemic. It was overwhelmingly supported in the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March
The Employee Retention Tax Credit (ERTC) - Are you eligible?.
Learn more about the employee retention tax credits (ERTC), see if you qualify and get help from experts in the industry!
An overview of the Employee Retention (ERTC) credit, strategies to maximize the benefits.
With the signing of the landmark bill, the Employee Retention Tax Credit will be backdated to Sept. 30 instead of the end of the year
IRS Tax Updates. ERTC. Latest Tax Laws. Year End Tax Planning. Employee Retention Tax Credit. Tax Law Updates.
Did you keep your employees during the pandemic? You may qualify for up to $26,000 per employee by claiming the ERTC.
The National Federation of Independent Business is advocating for federal legislation that would allow small businesses to claim the Employee Retention Tax Cred
A Vital Meeting Ground
Q&A's on the Employee Retention Tax Credit
Estimate the Employee Retention Tax Credit Benefit with our free calculator. | KROST
FAQs about the Employee Retention Tax Credit
Employee Retention Credit (ERTC). Learn More About The Employee Retention Credit under the CARES Act.
Learn about the impact of the 2020 Employee Retention Tax Credit and situations in which a taxpayer would be eligible for a refund?
Pending legislation raises the possibility that the ERTC may expire earlier than originally reported. Is your business eligible?
Fill out the form below to let us know how you meet the qualifications and how we can reach you regarding your PPP2 and ERTC Loan Qualifications.
ERTC [ERC] Update: Employee Retention Credit: Timing of Qualified Wages Deduction Disallowance is in the year in which the wages were deducted.
The Easiest & Fastest DFY Service To Maximize Your Refundable ERTC Claims With The Industry's Only 15 MINUTE REFUND
Learn about the employee retention tax credit consulting services offered to companies in New York City and across New York.
A new act has extended and expanded the ERTC and made it available to employers who�ve previously received PPP.
The Employee Retention Tax Credit (ERTC) helps small businesses save money. To maximize your tax credit, contact our team.
ERTC or employee retention tax credits have been extended to the end of 2021. Reach out if you need assistance.
The IRS issued Notice 2021-49 on August 4, 2021 to provide additional guidance on the Employee Retention Tax Credit (ERTC) applicable to the third and fourth quarters...
With half a dozen federal COVID relief laws coming out of Washington since the pandemic began and each new law amending the prior ones it�s hard to keep up with which provisions provide the biggest benefits for the nonprofit bottom line. That�s the case with the Employee Retention Tax Credit (ERTC), created by the CARES Act in late March 2020. As originally enacted,
The Employee Retention Tax Credit is a completely refundable tax credit that can reduce your tax burden as long as you keep your employees on payroll.
Most, if not all, breweries would qualify for the Employee Retention Tax Credit as a trade or business that was fully or partially suspended or had to reduce business hours due to a government order.
Construction firms forced to reduce or cancel operations by jurisdictional order may meet employee retention credit eligibility requirements
The Employee Retention Tax Credit (ERTC) is a COVID relief program that may provide substantial relief for certain organizations. The refundable ERTC
The Employee Retention Tax Credit (ERTC) is an incentive to employers of all sizes to keep employees on payroll.
In response to uncertainty about the implementation of the employee retention tax credit following a variety of revisions to the ERTC since its creation under the Coronavirus Aid, Relief, and Economic Security Act, the IRS issued Notice 2021-20 providing guidance regarding the ERTC.
Navigate and maximize the opportunity presented by the Employee Tax Retention Credit (ETRC).
The ARPA again extended and modified the ERTC to apply to wages paid after June 30, 2021, and before January 1, 2022.
The Consolidated Appropriations Act, 2021 is expanding eligibility for the ERTC by allowing those who received PPP loans to qualify.
The Consolidated Appropriations Act of 2021 that was signed into law on December 27, 2020. Learn more about how the ERTC creates tax refund opportunities.
Given the current interest rate environment, we believe there could be a chance that banks may qualify for ERTC based on
What changed? Companies that received PPP loans may now also claim the ERTC.
Additionally, nearly every aspect of the credit was liberalized and extended into 2021.
Who is eligible? Companies qualify for the ERTC if they (1) had a decline in quarterly revenue, or (2) were fully or partially shut down due to governmental orders, or (3) began a new trade or business with less than $1 million in average annual revenue.
What is it worth? For 2020, the ERTC is worth up to $5,000 per employee per year. In 2021, it s worth up to $7,000 per employee per quarter.
What is the Employee Retention Tax Credit?
Which Businesses Qualify for an ERTC?
How to Calculate Your ERTC
Talk with a Tax Expert About ERTC
If you filed for the ERTC before, things have changed
5 Things You Should Know about the Employee Retention Tax Credit Now Up to $33k per Employee
The American Rescue Plan Extends Employee Retention Tax Credits
Employee Retention Credit
The Employee Retention Tax Credit Program Has Closed But Businesses Can Retroactively Claim Credit
Employee Retention Tax Credit (ERTC) [What Companies Should Know]
Employee Retention Tax Credit Reinstatement Bill Introduced in the U.S. Senate
There s Still Time to Claim the Employee Retention Tax Credit
Find Out if You Qualify for the Employee Retention Tax Credit
What is the Employee Retention Tax Credit?
ERTC Experts
Employee Retention Tax Credit (ERTC)
Employee Retention Tax Credit Explainer
ERTC Fund
Focused solely on maximizing your refundable claims for the Employee Retention Tax Credits with a simple process that requires less than 15 Minutes of your time.
IMPORTANT REMINDER: Even if you got both PPP Loans... businesses are STILL qualifying and receiving sizable ERTC refunds. Apply Today!
The Employee Retention Tax Credit
Maximizing Your Claims For Keeping Americans Employed
The government has authorized unprecedented stimulus, and yet billions of dollars will go unclaimed.
Funded by the CARES Act
Originally created to encourage businesses to keep employees on the payroll as they navigate the unprecedented effects of COVID-19.
The ERTC was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and provides a credit to business owners based on qualified employee wages and health plan expenses paid after March 12, 2020 and before Oct 1st, 2021.
No Restrictions - No Repayment
While the ERTC was created in the CARES act along with the PPP Loans - this is not a loan, there is no repayment. There are no restrictions for what recipients of the credit must use the funds.
Up to $26,000 Per W-2 Employee
Full Time and Part Time Employees Qualify.
The ERTC program is a refundable tax credit for business owners in 2020 and 2021. In 2020, a credit is available up to $5,000 per employee from 3/12/20-12/31/20 by an eligible employer. That is a potential of up to $5,000 per employee. In 2021 the ERC increased to $7,000 paid per employee per quarter for Q1, Q2, and Q3. That is a potential of up to $26,000 per employee.
Start-up businesses who began operations after February 15, 2020 can take a credit of up to $50,000 in both the third and fourth quarters of 2021 for a maximum credit of $100,000.
Free, No Obligation Pre-Qualification
Let our expert team determine if you qualify for a sizable rebate.
By answering a few, simple, non-invasive questions our team of ERTC experts can determine if you likely qualify for a no-strings-attached tax credit. There is no cost or obligation to be pre-qualified.
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The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.
A law retroactively changed the end date of the Employee Retention Tax Credit program to Sept. 30, 2021 for most businesses. They have three years to see if they can claim ERTC retroactively.
The Employee Retention Payroll Tax Credit is an incentive originally created within the CARES Act intended to encourage employers to keep employees on the payroll as they navigate the unprecedented effects of COVID-19.
The Employee Retention Tax Credit Reinstatement Act� was introduced in the U.S. Senate to reinstate the ERTC to the fourth quarter of 2021.
Although the Employee Retention Tax Credit (ERTC) is expiring at the end of 2021, there's still time for eligible businesses to claim the credit and receive 70 percent of the first $10,000 of qualified wages paid per employee in each qualifying quarter.
Suffer a decline in gross revenue in 2020 and/or 2021? See if you qualify for ERTC. We can help you calculate the credit. Get Started Today!
If your company was significantly affected by the pandemic, you may qualify for the employee retention tax credit (ERTC). Learn more today!
EMPLOYEE RETENTION TAX CREDIT (ERTC) Get up to $26,000 per employee Disclaimer: The contents on this page are intended to convey general information only. It should not be construed as, and should not be relied upon for, legal or tax advice and it may not reflect the most current developments. We strongly recommend business owners consult with their certified public accountant
ertc filing - Employee Retention Tax Credit, Find out if you are eligible for the ERTC up to $33k per employee. File now and receive your credit in as little as 10 weeks.
R&D Tax Credits and Employee Retention Tax Credits. Our solution optimizes your benefit, streamlines the process, and ensures IRS compliance.
The ERTC PPP were created to help businesses to keep workers employed through the worst parts of the pandemic, but accounting for them can be complicated.
We have launched a simple form to help employers determine if they qualify for Employee Retention Tax Credit (ERTC) and how much they can claim.
The Employee Retention Credit program has become the largest United States government stimulus program in history, with approximately $80 billion in funds to be claimed.
This past spring, the IRS issued Notice 2021-49 regarding Employee Retention Tax Credits. According to the IRS, ERTC should be accounted for in the employers 2020 tax return, generally as a deduction of expense.
The legislation would retroactively restore the Employee Retention Tax Credit (ERTC) for the fourth quarter of 2021.
More businesses can now qualify for the Employee Retention Tax Credit. Find out if your business is eligible and how to claim the ERTC before the end of 2021.
Congress created the Employee Retention Tax Credit (ERTC) in March 2020 to provide financial relief to small businesses during the pandemic. Here are some key facts about the ERTC and how you may benefit from it.
The Employee Retention Tax Credit (ERTC) can provide substantial financial assistance to struggling businesses in 2021. Here's how to take advantage of the ERTC.
The ERTC was designed to help small businesses rehire and retain employees they had to let go due to the COVID-19 pandemic. It was overwhelmingly supported in the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March
The Employee Retention Tax Credit (ERTC) - Are you eligible?.
Learn more about the employee retention tax credits (ERTC), see if you qualify and get help from experts in the industry!
An overview of the Employee Retention (ERTC) credit, strategies to maximize the benefits.
With the signing of the landmark bill, the Employee Retention Tax Credit will be backdated to Sept. 30 instead of the end of the year
IRS Tax Updates. ERTC. Latest Tax Laws. Year End Tax Planning. Employee Retention Tax Credit. Tax Law Updates.
Did you keep your employees during the pandemic? You may qualify for up to $26,000 per employee by claiming the ERTC.
The National Federation of Independent Business is advocating for federal legislation that would allow small businesses to claim the Employee Retention Tax Cred
A Vital Meeting Ground
Q&A's on the Employee Retention Tax Credit
Estimate the Employee Retention Tax Credit Benefit with our free calculator. | KROST
FAQs about the Employee Retention Tax Credit
Employee Retention Credit (ERTC). Learn More About The Employee Retention Credit under the CARES Act.
Learn about the impact of the 2020 Employee Retention Tax Credit and situations in which a taxpayer would be eligible for a refund?
Pending legislation raises the possibility that the ERTC may expire earlier than originally reported. Is your business eligible?
Fill out the form below to let us know how you meet the qualifications and how we can reach you regarding your PPP2 and ERTC Loan Qualifications.
ERTC [ERC] Update: Employee Retention Credit: Timing of Qualified Wages Deduction Disallowance is in the year in which the wages were deducted.
The Easiest & Fastest DFY Service To Maximize Your Refundable ERTC Claims With The Industry's Only 15 MINUTE REFUND
Learn about the employee retention tax credit consulting services offered to companies in New York City and across New York.
A new act has extended and expanded the ERTC and made it available to employers who�ve previously received PPP.
The Employee Retention Tax Credit (ERTC) helps small businesses save money. To maximize your tax credit, contact our team.
ERTC or employee retention tax credits have been extended to the end of 2021. Reach out if you need assistance.
The IRS issued Notice 2021-49 on August 4, 2021 to provide additional guidance on the Employee Retention Tax Credit (ERTC) applicable to the third and fourth quarters...
With half a dozen federal COVID relief laws coming out of Washington since the pandemic began and each new law amending the prior ones it�s hard to keep up with which provisions provide the biggest benefits for the nonprofit bottom line. That�s the case with the Employee Retention Tax Credit (ERTC), created by the CARES Act in late March 2020. As originally enacted,
The Employee Retention Tax Credit is a completely refundable tax credit that can reduce your tax burden as long as you keep your employees on payroll.
Most, if not all, breweries would qualify for the Employee Retention Tax Credit as a trade or business that was fully or partially suspended or had to reduce business hours due to a government order.
Construction firms forced to reduce or cancel operations by jurisdictional order may meet employee retention credit eligibility requirements
The Employee Retention Tax Credit (ERTC) is a COVID relief program that may provide substantial relief for certain organizations. The refundable ERTC
The Employee Retention Tax Credit (ERTC) is an incentive to employers of all sizes to keep employees on payroll.
In response to uncertainty about the implementation of the employee retention tax credit following a variety of revisions to the ERTC since its creation under the Coronavirus Aid, Relief, and Economic Security Act, the IRS issued Notice 2021-20 providing guidance regarding the ERTC.
Navigate and maximize the opportunity presented by the Employee Tax Retention Credit (ETRC).
The ARPA again extended and modified the ERTC to apply to wages paid after June 30, 2021, and before January 1, 2022.
The Consolidated Appropriations Act, 2021 is expanding eligibility for the ERTC by allowing those who received PPP loans to qualify.
The Consolidated Appropriations Act of 2021 that was signed into law on December 27, 2020. Learn more about how the ERTC creates tax refund opportunities.
Given the current interest rate environment, we believe there could be a chance that banks may qualify for ERTC based on
What changed? Companies that received PPP loans may now also claim the ERTC.
Additionally, nearly every aspect of the credit was liberalized and extended into 2021.
Who is eligible? Companies qualify for the ERTC if they (1) had a decline in quarterly revenue, or (2) were fully or partially shut down due to governmental orders, or (3) began a new trade or business with less than $1 million in average annual revenue.
What is it worth? For 2020, the ERTC is worth up to $5,000 per employee per year. In 2021, it s worth up to $7,000 per employee per quarter.
What is the Employee Retention Tax Credit?
Which Businesses Qualify for an ERTC?
How to Calculate Your ERTC
Talk with a Tax Expert About ERTC
If you filed for the ERTC before, things have changed
5 Things You Should Know about the Employee Retention Tax Credit Now Up to $33k per Employee
The American Rescue Plan Extends Employee Retention Tax Credits
Employee Retention Credit
The Employee Retention Tax Credit Program Has Closed But Businesses Can Retroactively Claim Credit
Employee Retention Tax Credit (ERTC) [What Companies Should Know]
Employee Retention Tax Credit Reinstatement Bill Introduced in the U.S. Senate
There s Still Time to Claim the Employee Retention Tax Credit
Find Out if You Qualify for the Employee Retention Tax Credit
What is the Employee Retention Tax Credit?
ERTC Experts
Employee Retention Tax Credit (ERTC)
Employee Retention Tax Credit Explainer
Why Choose Uncle Sam Owes You?
-
Guaranteed To Maximize Refundable Credits For Local And Small To Medium Sized Businesses
-
So Easy That Your Entire Commitment Is 15 Minutes
-
No Upfront Fees To Get Qualified - 100% Contingent On Your Refund
-
Audit-Proof Documentation For IRS Support
-
No Other CPA Firm Offers The 15 Minute Refund™
We only specialize in maximizing Employee Retention Tax Credits for small business owners. You won’t find us preparing income taxes, compiling financial statements, or providing attestation services of any kind.
When you engage us, rest assured that you’ve hired the best CPA Firm to lock in this one-time opportunity for a large refund check from the IRS.
Find Out What Our Accounting Professionals Can Secure For Your Business Today
These Are Just Some Of The Businesses We’ve Helped In The Past 30 Days:
• Business Consulting Firm in Newport Beach, California, 19 W-2 Employees; $44,960 Credit
• Presentation Design Agency in Nashville, TN, 19 W-2 Employees; $162,979 Credit
• Restaurant Ownership Group in Florida, 224 W-2 Employees; $1,120,000 Credit
• Restaurant in Houston, Texas, 80 W-2 Employees; $400,000 Credit
• Montessori School in Addison, Illinois, 35 W-2 Employees; $175,000 Credit
• Single location Steakhouse $213,029.88
• Temp Staffing Company $259,099.46
• Hair Salon $107,792.22
• Multi-location Sandwich Shop $371,551.39
• Single location Pizza $58,255.25
• Toilet Manufacturer $252,104.88
• Church $30,782.22
• Gym $51,455.01
• Four Location Hotel $620,416.97
• Home Health Staffing Services $599,891.59
• Nutrition Products US Distributor $1,152,330.98
• General Contractor $364,283.71
• 4-location Restaurant $528,340.02
• Field Examinations $324,846.66
• Marketing Graphics $50,954.46
•Commercial Cleaning Owner $80,394.16
• ESL School $111,150.41
• Local Restaurant $528,340.02
• HVAC Contractor $39,262.33
• Environmental Engineer $21,000.00
• Marketing Agency $50,954.46
• 4 location Mexican Restaurant $2,014,000.00
• Dental Practice $125,867.34
• Automotive Car Dealership $406,798.25
• Non-Profit Organization $359,923.65
90 seconds to start your claim!
HOW DOES THE PROCESS WORK?
Complete the Questionnaire
Start with the 10 simple questions on this site to begin your claim. We will email you a secure link to an application questionnaire to be completed online.
Upload your 941 returns, PPP loan documents, and raw payroll data on our secure portal.
We calculate the credit you can receive from the IRS.
We will prepare and help you file the 941-X Amended payroll returns.
The IRS will process your credit and mail you a check.
Begin Your Claim
Take advantage of this new COVID-19 employee retention credit while it’s available. If your business has been affected by the pandemic you will qualify.
Most frequent questions and answers
WHAT IS THE EMPLOYEE RETENTION TAX CREDIT (ERTC) AND HOW IS IT DIFFERENT FROM THE PAYROLL PROTECTION PROGRAM (PPP)? ...▶
The Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act) was signed into law on March 27, 2020. It included two programs to assist businesses with keeping workers employed: the Payroll Protection Program (PPP) administered by the Small Business Administration and Employee Retention Tax Credit (ERTC) administered by the Internal Revenue Service.
PPP funds are distributed based on 2.5 months of payroll and a minimum of 80% of the funds must be used on payroll to be eligible for forgiveness. Additionally, PPP funds are not taxable as revenue and you may still take deductions for the payroll covered by PPP.
ERTC tax credits, however, are credits (or refunds) for a percentage of payroll in each quarter that you qualify. There are specific rules for determining eligibility by quarter, and limiting the dollars that can be claimed for each employee.
I GOT PPP FUNDS ALREADY. CAN I ALSO GET ERTC? ...▶
YES!
Initially with the CARES Act, employers could choose to apply for PPP or claim ERTC credits, but not both.
PPP was more beneficial than ERTC for most businesses (for reasons we won’t go into here) and so most businesses with under 500 employees received forgivable PPP Loans.
On March 11, 2021, The American Rescue Plan Act of 2021 was signed into law and included many modifications and expansions to existing elements of previous stimulus programs.
Noteworthy modifications for business owners included:
Businesses who applied for and received PPP funds could now also claim ERTC credits.ERTC credits could be retroactively claimed for businesses that qualified in 2020.ERTC credits were extended through 9/30/21 with lower qualification requirements.The per-employee cap on qualifying wages increased from $10,000 for all of 2020 to $10,000 per quarter for the first 3 quarters of 2021.The refundable credit amount increased from 50% of qualifying wages in 2020 to 70% in 2021.So the short answer is “Yes” . . . you can claim ERTC even if you received PPP funds.
HOW DO I APPLY FOR ERTC TAX CREDITS? ...▶
Unlike the Payroll Protection Program (administered by the Small Business Administration), there is actually no “application process” for the Employee Retention Tax Credits.
You simply claim the ERTC tax credit like you would any other tax credit – by asserting to the IRS that you can legally claim the credit.
When you claim a child tax credit, you do so by asserting this fact on your Form 1020 Personal Income Tax Return.
The difference is that when you claim an ERTC tax credit, you do so on your Form 941 Employer Quarterly Tax Filing.
For prior quarters, you must file an amended form (the Form 941-X) to reduce your current quarter’s tax contribution and request a refund of excess credits (which is highly likely).
Another perk of ERTC, is that since you can often estimate these credits in advance of distributing cash for payroll, you can file a Form 7200 to receive a cash advance to avoid waiting until the end of the quarter to apply for the refund.
I THOUGHT THE TAX CREDIT WAS FOR 2020? ...▶
You’re right - it was originally a 2020 credit. And it was either the Paycheck Protection Program OR ERTC.
Almost every business chose the PPP option. The ERTC was not widely used until March 2021, when the American Rescue Act changed IRS regulations and millions of businesses were now eligible for both the PPP and ERTC program by amending their Quarterly Form(s) 941.
MY REVENUE IN Q1 2021 IS BACK TO PRE-PANDEMIC LEVELS - SO I MUST BE INELIGIBLE - RIGHT? ...▶
Even though you may feel like revenue is back to normal, there are some items you want to consider before passing on this ERTC assessment.
First, even if revenues have returned to “normal” in 2021, you may have qualified in 2020 and you can retroactively claim those credits. That eligibility criteria in 2020 was based on revenue declines from 2019, or if your business was partially or fully closed due to governmental mandate.
Second, while your revenue may have returned to “normal” in Q1 2021, remember that we are comparing your Q1 2021 to Q1 2019. If 2019 was a year of growth for your business, then your revenue levels 2 years ago may have been much less than Q1 2020.
And lastly, if your revenues were down in Q4 2020 by just 20% compared to Q4 2019, then you may also be eligible for Q1 2021. There is a safe harbor provision that few advisors are talking about, and it means that many businesses are qualifying for $7,000 per employee in Q1 2021.
I know, it seems too good to be true, but the government wants to incentivize and reward you for keeping US residents employed and money flowing through our economy as we rebuild bigger and stronger than before.
I THOUGHT PAYROLL TAXES DEFERRED IN 2020 HAD TO BE RE-PAID. DOES ERTC WORK THE SAME WAY? ...▶
You are most likely referring to a provision of the CARES Act that allowed employers to defer the deposit and payment of the employer’s share of Social Security taxes. Those deferrals must then be repaid – with at least 50% of the balance due by 12/31/21 and the remaining balance due by 12/31/22.
ERTC credits are NOT a deferral. They are dollar-for-dollar credits against wages you’ve paid. Not taxes you’ve paid, but actual wages.
These credits can offset future tax contributions or you can receive a refund check – it’s your choice.
And you will NOT have to re-pay these funds (unless, of course, you don’t provide adequate documentation in the course of an audit).
WHY ISN'T MY BANK (OR MY CPA) TALKING ABOUT THIS? ...▶
Your banker, CPA, or Financial Advisor was probably very helpful when it came to getting your PPP funds because they were effectively signing you to an SBA-guaranteed loan. The SBA paid the bank administrative fees based on the PPP loans they made, and so they were incentivized to educate you about the program and get all your paperwork in order.
Compared to the ERTC, the PPP program was also a rather simple calculation. 2 ½ times your average monthly payroll including health insurance and state unemployment taxes.
From the conversations we’ve had with bankers, they have no interest in involving themselves in your employment tax compliance. For them it is a liability and beyond their scope of services.
WHAT ABOUT MY PAYROLL SERVICE PROVIDER? SHOULDN'T THEY BE ON TOP OF THIS? ...▶
Your Payroll Service does an excellent job of executing the fundamentals of paying your employees, paying your employment taxes and filing your quarterly reports.
But computing your ERTC credits requires visibility into your P&L and PPP forgiveness applications. Not only that, but the complex requirements around eligibility and allocating ERTC credits at the employee-level while accounting for annual and quarterly qualifying wage gaps and . . . well, you can probably tell why Payroll Services are not offering to do all of this for you.
The Payroll Services that we’ve worked with so far are happy to provide the payroll registers that we need to perform the allocations. And they are happy to file the Amended Form 941-X with the IRS on our client’s behalf.
But that’s the extent of it.
In fact, most wise Payroll Services are asking clients to sign an indemnification waiver before submitting a Form 941-X because the Payroll Service can take no responsibility for the accuracy of the ERTC credits you are claiming.
For them to involve themselves in the intricacies of this calculation, it is a liability and beyond their scope of services.
WHERE CAN I FIND OUT MORE INFORMATION ON THE IRS WEBSITE? ...▶
WILL MY TAX CPA HANDLE THIS FOR ME SINCE THEY HANDLE MY INCOME TAX RETURNS? ...▶
Whether your tax accountant is a CPA or EA, he or she most likely only prepares your Federal and State Income Tax Returns. However, ERTC credits are claimed against Employment Taxes on Form 941, and cash advanced through Form 7200.
The complexity of the ERTC program is a beast unto itself and every tax accountant we’ve talked to has said they focus on staying up-to-date on the ever-evolving income tax code, and they can’t now become experts in the ERTC program as well.
If your tax accountant is comfortable determining your eligibility by quarter and year, computing your credits, and preparing contemporaneous documentation to support an IRS audit, then you should certainly let them handle all of this.
If you want a second set of eyes on this, we’re happy to take a look.
MY BOOKKEEPER HAS ALL MY INFO . . . CAN THEY HANDLE MY ERTC CLAIMS? ...▶
Your Bookkeeper should certainly have access to all the information that is needed for an accurate calculation of your legal ERTC claim. They will have your financial reports, payroll registers, and PPP loan forgiveness documents.
The Million Dollar Question is . . . Do They Have The Time?
• Do they have the time to dig into the text of American Rescue Plan Act of 2021
• And its accompanying referenced laws like: CARES Act, Families First Act, Payroll & Healthcare Enhancement Act, PPP Payroll Flexibility Act and the Consolidated Appropriations Act.
• Time to read the IRS Interpretations and FAQ’s? And cross-reference those definitions with that of PPP which was separately defined and dissimilarly interpreted in the Small Business Administration’s Bulletins and IFRs?
• Do they have the time to ensure accuracy in eligibility determination, maximize your computation and create the supporting documentation you’ll need to support an IRS audit of employer taxes?
So far, we have not found a bookkeeper who is able to take all this on, while handling the day-to-day of bookkeeping. If yours can, then take them up on their offer. We’re happy to take a second look.
I KNOW ADDITIONAL BUSINESS OWNERS THAT MIGHT QUALIFY; CAN THEY APPLY HERE, TOO? ...▶
Absolutely! Our professional team is equipped and ready to help as many businesses as possible to apply for their ERC funds. We welcome you to share this site. Sharing is caring!
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