Let me analyze if your company is a good candidate for the Employee Retention Credit
INTRODUCING ERC PROS:
ERC Pros is an accounting firm that specializes in assisting small to mid-size businesses in filing with the Employee Retention Credit. The Employee Retention Credit is a refund of payroll taxes that you've already paid throughout 2020 & 2021. If you meet the legal requirements, you can receive up to 50% of the wages paid in 2020 & up to 70% of wages paid in 2021, with a $26K max per employee.
To receive the Employee Retention Credit, a company needs to meet ONE of the following three qualifying criteria:
1. YOU SAW A SIGNIFICANT REDUCTION IN GROSS REVENUE
ERC Pros will perform a free analysis to determine which quarters, if any, you experienced a revenue reduction significant enough to qualify you to receive the ERC. 2019 is the baseline to assess if you experienced a reduction in revenue through the pandemic.
What if I only meet this requirement for one quarter?
There are 6 quarters that your business can potentially qualify to receive the ERC, but if you only meet the criteria during one quarter, that is perfectly fine! That's one quarter of payroll taxes that you can get refunded by the IRS!
What if I made money during the pandemic?
Congrats! We love to hear it. Here's the cool thing. This is the case for a lot of business owners, despite the pandemic's significant impact on operations through 2020 & 2021. Legislation was passed in April of 2021, so if you don't meet the criteria with this first option, read on...
2. YOUR BUSINESS OPERATIONS FULLY OR PARTIALLY IMPACTED BY GOVERNMENT ORDERS
If a governmental order had more than a nominal impact on your business operations, you qualify for the ERC during the dates that the order was in effect. In other words, if you weren't able to operate at full capacity (capacity limits in your establishment), due to government orders, ERC Pros can help. Their company has a full-time research team that will do a deep dive on the government mandates that impacted your business, document the dates they were in effect, and perform calculations based on their findings.
3. RECOVERY START-UP PROGRAM
If you started your business after February 15, 2020 and have less than $1M in annual sales and had W2 employees on payroll in the last half of 2021, reach out to the ERC Pros! The ERC applies to you, too!
SOUND LIKE YOU MIGHT QUALIFY? ERC Pros is ready to provide a FREE analysis and guide you through the process of filing for the Employee Retention Credit with the IRS. Please reach out to Sara Horrocks via email, phone or text to set up your appointment.