DID YOU KNOW YOU CAN:
Get up to $26,000 per employee
EMPLOYEE RETENTION TAX CREDIT (ERTC) or (ERC)
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 (CPA) or attorney for specific advice.
IRS takes 1 year to pay refund, a Hedge Fund pays in month.
1 . Businesses with 20-499 Full time employees
2. Unlimited part time employees
3. Decline of revenue in any Quarter vs 2019: 20% + in 04 2020 to Q3 2021 50% + in Q1-Q3 2020
1. Claim your max Stimulus Amount up to $26,000 per full time employee.
2 Use our ERC paperwork for IRS Audit & Collateral to mitigate risk with financing.
3. Our PWC former auditors are available to represent in case of an IRS Audit.
4. Save also FICA Tax and Workers Comp
What is it?
The (ERTC) Employee Retention Tax Credit is a refundable tax credit designed to reward and encourage businesses to keep their employees on payroll. Employers can take advantage of the ERTC against federal employment taxes via qualified wages paid to their employees from March 13, 2020 to December 31, 2021 .
Businesses can retroactively claim the credit against past quarters!
Private businesses or tax-exempt organizations of all sizes that conduct a trade or business and meet one or both of the following criteria:
1 . Your business was forced to partially or fully suspend or limit operations by a governmental order.
2. Your business experienced a 50% decline in gross receipts during any quarter in 2020 versus the same quarter in 2019, and/or a 20% decline in gross receipts during any quarter in 2021 versus the same quarter in 2019
How to claim the credit?
We strongly recommend that you speak with a us to maximize the value of the ERTC. Complete form here: https://bit.ly/ertaxcredit
To claim the credit retroactively, file a Form 941-X, Adjusted Employer's Quarterly Federal Tax Return To claim the credit currently, file a Form 941, Employer's Quarterly Federal Tax Return To claim the credit in advance, file a Form 7200, Advance Payment of Employer Credits Due to COVID-19
Note: If your business started in 2020, you will use 2020 as your comparison period when applying for the tax credit in 2021.
How to calculate the credit?
We strongly recommend that you speak with a CPA. If you do not currently work with one, we have a local CPA.
Step 1 determine what quarters of 2020 and 2021 your business qualifies for the ERTC. Was your business ordered by the government to partially or fully suspend operations; or Did your business experience a drop in gross receipts of at least 50% (2020) or 20% (2021) versus the same quarter in 2019?
Note: if your business started in 2020, you will use 2020 as your comparison period when applying for the tax credit in 2021.
Step 2 determine the total qualified wages, including allocable qualified health plan expenses, paid to each employee per quarter. Do not include wages that have been used toward PPP forgiveness.
Step 3 calculate qualified wages paid to each employee in 2020, apply a cap of $10,000 of qualified wages per employee across all quarters combined. Multiply the qualified wages up to the annual cap by 50% to determine your credit amount for 2020. The maximum is $5,000 per employee for the entire year.
Step 4 calculate qualified wages paid to each employee in Q1, Q2 and Q3 in 2021, apply a cap of $10,000 of qualified wages per employee per individual quarter. Multiply the qualified wages up to the quarterly cap by 70% to determine your credit for each quarter in 2021. The maximum is $7,000 per employee per quarter.
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