What are the facts you need to know?
Here are the results of our research into ERTC. We've reduced our findings into commonly asked questions and thoughtful responses. Call us with your specific questions today.
We were told that we didn't qualify for ERTC because we had taken advantage of PPP.
So we embarked on a journey to find the facts on the Employee Retention Tax Credit. Surprisingly, we realized that we almost missed out on $1,600,000 in ERTC cash payments.
What is the Employee Retention Tax Credit?
ERTC is a stimulus programed aimed at helping businesses that kept their workforce employed through the pandemic. It was offered at the same time as the Paycheck Protection Program but at the time businesses had a choice, PPP or ERTC. Most businesses chose PPP which left a significant amount of funding in the ERTC account, so in 2021 the federal government expanded the benefits to all businesses, whether they received PPP or not.
Here are the facts you need to know
YOU MUST TAKE ACTION NOW! – The IRS is already running 9 – 12 months behind.
ERTC rules have already been changed, in both good and bad directions. Its critical that you act now as it only takes one stroke of the pen for things to change. Plus, once the fund runs out of money, its gone for ever!
ANOTHER REASON WE MUST GET YOUR RETURN FILLED NOW is that, according to an audit by the Treasury Inspector General for Tax Administration (TIGTA), the IRS destroyed over 30 million paper-filed return documents in March 2021 with no real explanation other than “backlog”.
If it happens again, you need to make sure you have time to resubmit all the documentation.
Yes. In 2020 you had a choice between PPP and ERTC. Because so much money was left in the ERTC fund, the federal government increased its availability to all companies, whether you received PPP, or not.
If your company was in operation, at any point during 2020 or 2021 and had employees, other than family or household members you are eligible.
While losses or a decline in total receipts can be an easy qualifier, appropriations have been made to aid companies that had supply chain issues, had to implement new practices or who had to alter their processes to accommodate government mandates.
Yes, if you had supply chain issues, had to implement new practices or had to alter your processes to accommodate government mandates, you are eligible. You could have made record profits and still qualify.
No matter when your business closed, if your company was in operation, at any point during 2020 or 2021 and had employees, other than family or household members you are eligible.
Any alteration of your business practices involving you, your employees or vendors, that affected your business and that can be tied back to an official government mandate whether local, state or federal can qualify you.
The calculation for ERTC you will receive in cash rebate is based upon wages paid to and healthcare costs for non-family employees.
No. ERTC is not a loan. Unlike PPP, ERTC neither has to be paid back nor forgiven.
Yes. ERTC is stimulus funds based on the amount you paid in wages and healthcare, not on how much you paid in taxes. A small portion of what you will receive from ERTC is technically the employer portion of payroll taxes paid.
You can get up to $5000 for each employee in 2020 and $21,000 in 2021. We estimate that the average ERTC cash rebate to businesses is around $149,837.84.
YOU MUST ACT NOW!
The IRS is already running 9 to 12 months behind on processing ERTC
