The ERC is a refundable tax credit designed for businesses who continued to pay employees while shutdown due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2022 to December 31, 2021.
Based on multiple ads on social media, direct mail, radio and TV for the Employee Retention Credit (ERC), many of our clients have reached out to us in confusion or in hopes of a big tax savings. The concern is so widespread that the IRS has published warnings about engaging with companies promising savings that are too good to be true.
As a professional CPA firm, we understand the need to keep our clients safe from predatory practices. We have helped many of our clients with the ERC process and do not charge insane fees. Our fees are based on the number of amended returns and the number of employees included in these 941 amendments.
We work with you ensure your financials are filed under the proper guidelines in accordance with the IRS. We have helped many of our clients receive their ERC credits through accurate calculations, preparation and filing of the 941 amendments.
So how much is the credit?
- Businesses can claim up to $5,000 per employee in refundable tax credits in 2020 and up to $21,000 per employee in 2021. It is determined by quarter.
What companies qualify?
- Those with fewer than 200 employees
- Those receiving 2 PPP Loans
- Those with an overall decline in the number of employees since 2019
How long does it take to get a refund check?
- Once the ERC’s are filed, the IRS can take up to 12 months to process and issue a check. However, some of our clients have received funds within 3 months.
Maribeth Christensen, CPA, is here to help! By implementing effective tax planning strategies, your small business can optimize your tax position and achieve long-term financial success.
Give Roper Accounting Group a call at 919-844-6111 to set up an appointment.
