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You simply enter your average full time W-2 employee count for 2020 and 2021 on the ERC Stimulus Program application.
The Employee Retention Credit (ERC), aka Employee Retention Tax Credit (ERTC), commonly referred to as the IRS Payroll Tax Refund is an ERC stimulus program designed to bolster businesses that were able to retain their employees during the Covid-19 Pandemic by giving them a refundable tax credit check. Some of the benefits from this program include:
Watch this short testimonial on working with ERC Specialists - Our Trusted Processor.
Full or Partial Shutdowns
Remote Work Orders
Suspended Onsite Work
Supply Chain Disruptions
Reduction of Hours of Operation
Group Gathering Limitations
Suspended Client Meetings
The Employee Retention Credit (ERC) was enacted on March 27, 2020 as part of the CARES Act, then further expanded greatly on December 27, 2020 by the Consolidated Appropriations Act, 2021, which among other aspects eliminated the ban on the ERC if a taxpayer received a paycheck protection program (PPP) loan. Congress then expanded the ERC to the last two quarters of 2021 in the American Rescue Plan Act of 2021, enacted on March 11, 2021, with the addition of a new section to the Internal Revenue Code, §3134, however the inclusion of Q4 2021 was repealed by a provision in the Infrastructure Investment and Jobs Act; so the 2021 quarters are Q1, Q2, and Q3.
The Employee Retention Credit (ERC) Refund, sometimes called the Employee Retention Tax Credit (ERTC), is a generous stimulus program designed to bolster businesses that were able to retain their employees during the Covid-19 Pandemic by giving the company a refundable tax credit in check form paid to your company. You do not repay the ERC Credit Refund.
Great News! No, its a refund of payroll taxes. It's YOUR money! There are no restrictions on how you use it.
The ERC credit is calculated as a percentage of W-2 wages paid - 1099 wages are not eligible. Note: The wages of majority owners (over 50%) and their immediate relatives (even if paid W-2) are not eligible for the ERC program. Wages for all other W-2 employees remain eligible. Add an answer to this item.
Yes. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, modified the ERC credit rules. One of the modifications included allowing a company to have a PPP loan and still take advantage of the ERC credit. However, you can't use the same dollar for dollar funds. We take this into account when processing your ERC credit. Add an answer to this item.
Your company pays $0 upfront. ERC SPECIALISTS, our trusted processor, does not get paid until you receive your ERC check(s) from the IRS. After you receive your check(s), ERC SPECIALISTS will charge a 15% fee for your successful application.
Great News! This is not a lending program - tax refunds are issued by the US Treasury; therefore, all eligible employers will receive the funds.
Interestingly, our provider receives a large portion of clients from CPA's.
Our provider has over 200 ERC Specialists with decades of payroll experience, which has allowed them to specifically focus on understanding and maximizing the ERC program. In our experience we have found that due to the complexity of over 200 pages of ERC tax codes, the time investment necessary to understand the ERC program, very few are able to effectively maximize this sizeable credit for your business.
The challenge is the ERC credit is taken on your payroll returns and not through your business income tax returns, which is what most CPA's handle. Because of this, most CPA's don't process this credit, unless they process your payroll in house. This is also a big reason why this credit is so underutilized. Since CPA's don't typically handle it and they are the tax experts, it has mostly fallen in a middle ground where few are able to effectively process the credit.
We are suggesting that all clients apply for ERC as soon as possible as the IRS announced a moratorium through at least the end of 2023 on processing new claims for ERC. Apply to get in the queue now.
Generally, for 2020 tax periods, the deadline is April 15, 2024. For 2021 tax periods, the deadline is April 15, 2025. Let's get started now.
Yes, organizations described in section 501(c) of the Internal Revenue Code (the “Code”), and exempt from tax under section 501(a) of the Code, may be Eligible Employers for purposes of the Employee Retention Credit if they are employers that otherwise meet the requirements to be eligible for the credit.
Yes. Any tribal government or tribal entity that carries on a trade or business may be an Eligible Employer for purposes of the Employee Retention Credit, if it otherwise meets the requirements for the credit.
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Linda Schmitt | President & CEO | CCRS
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