Employee retention credit
Experience The Benefits Of ERC
The Employee Retention Credit (ERC) is a tax incentive provided by the government to support businesses in retaining their employees during financially challenging times, such as economic downturns or public health crises. By providing a refundable tax credit on a portion of the qualified wages paid to employees, the ERC aims to help businesses keep their workforce intact and maintain operational stability. ERC is available for the following quarters:
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[ Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 ]
Companies may qualify for the ERC if they meet the following criteria:
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Experienced a significant decline in gross receipts during a specific quarter compared to the same quarter in a previous year.
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Had their business operations fully or partially suspended due to a government order related to a public health crisis.
Please note that there are more specific eligibility requirements that are not mentioned here.
Eligibility RequireMents
Required documentation
Payroll Records: Detailed payroll records for the relevant periods, including employee names, Social Security numbers, hire dates, termination dates, hours worked, and wages paid.
Tax Forms: Completed and filed employer tax forms for all the relevant periods, such as Form 941 (Employer's Quarterly Federal Tax Return) or Form 944 (Employer's Annual Federal Tax Return).
Gross Receipts: Documentation to substantiate the decline in gross receipts, including financial statements, sales records, etc. for all eligible quarters. Comparisons between the relevant quarters and corresponding quarters in the previous year are essential for determining eligibility.
Business Operations Status: Proof of business operations being fully or partially suspended due to a government order related to a public health crisis, such as a copy of the government order, a letter from a local authority, or other relevant documentation.
The Process
Our company is committed to providing a seamless and efficient process to help clients claim the Employee Retention Credit. Here is a step-by-step overview of our collaborative approach:
1. Client Selection & Document Submission
Our clients send us all the required documents mentioned in the section titled "Required Documentation"
2. Data Input & ERC Calculation:
We input the provided information into our proprietary system, which follows a 3-step process to determine eligibility, calculate the credit, and generate the required forms. You can review and watch our system's process below:
Step 1: Eligibility Assessment
Step 2: Payroll Data Extraction
Step 3: Form Generation
4. Form Submission & Review:
Upon completion of Data Input & ERC Calculation, our system will produce the necessary Form 941-Xs or Form 944-Xs for filing. We will send these forms to our clients or their accounting firms for a thorough review. Our clients or their accounting firms will then file the forms, ensuring compliance with all relevant regulations.
While many firms in the industry charge a percentage fee as high as 50% of the total ERC amount successfully claimed, we have adopted a different approach to ensure our services remain accessible and focused on helping businesses in need.
We charge an upfront fee instead of the traditional percentage-based fee. This pricing strategy reflects our commitment to helping businesses that are suffering during difficult times, while also ensuring we are fairly compensated for our time and expertise.
By offering competitive pricing, our services not only assist clients in securing the financial relief they need but also provide valuable insights into cost-saving strategies that will benefit their businesses in the long run.
Please note that our fees may be subject to negotiation depending on the specific circumstances of your business. We encourage open communication to ensure our services align with your needs and expectations.