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About ERC Claims
The Employee Retention Credit, or ERC, was created as part of the Coronavirus, Aid, Relief and Economic Security (CARES) Act. It’s a generous tax incentive that rewards employers of all sizes for keeping their employees on the payroll during the tumult of 2020 and 2021. With the amount of disruption businesses have experienced this past year, this is a great opportunity for them to get some much-needed tax relief.
At the ERC Claim Center, we will take you through all the steps of claiming the ERC credit and answer some of the most commonly asked questions. Read on and learn how you can collect your ERC credit today
What Exactly Is The Employee Retention Credit?
The Employee Retention Credit (ERC) is a refundable tax credit, which is available to employers who have been affected by the coronavirus pandemic. It was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act. The credit was designed to help employers retain their employees and covers up to 50% of their qualified wages and health plan expenses. The credits are refundable and can be claimed for wages paid from March 13, 2020 to December 31, 2021.
The credit is available to employers regardless of size, in cases where the business’ operations were impacted as a result of a governmental order or experienced a decline in gross receipts. We find that over 95% of businesses qualify as “impacted” and while other firms may have told you “no,” we are experts at making sure you get the refund you deserve.
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Just 3 Easy Steps To Claim Your Credit
Claiming the ERC credit is surprisingly straightforward and easy. Here’s a breakdown of the three steps to claiming your credit:
Determine Eligibility
First, you should make sure your business qualifies for the ERC. The qualifications are pretty straightforward, so as long as you’ve been affected by the pandemic and meet the criteria, you should be eligible.
Calculate The Credit
Calculate the Credit – Once you’ve determined that your business meets the criteria, you can begin calculating the amount of the ERC you should be expecting. The credit is generally equal to 50% of qualified wages (up to $5,000 per employee per quarter) and health plan expenses that you paid between March 13, 2020 and December 31, 2021. You can also include wages paid to employees who did not work, as long as you met the criteria for eligibility.
File For The Credit
Finally, you will be able to file for the credit. You can do this by submitting Form 941, Employer’s Quarterly Tax Return, with the appropriate information filled out. It’s important to note that you must have Form 941 filed in order to receive the credit.
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ERC Questions We Hear…
Since there are some nuances to the information above, it’s not surprising to hear many questions about the ERC credit. Some of the common questions we hear often include:
Businesses of all sizes can qualify for the ERC credit, so long as their operations were impacted by the coronavirus pandemic. This includes businesses that were impacted by government orders or experienced a decline in gross receipts.
Qualifying employers are able to receive up to $5,000 per employee per quarter in the form of a credit. The credit is equal to 50% of qualified wages and health plan expenses that were paid between March 13, 2020 and December 31, 2021.
Yes, you can still qualify for the ERC credit even if you received and had forgiven a PPP loan. It is important to note that the wages used to calculate the PPP loan are not eligible for the ERC credit (i.e. if you used any of the PPP loan funds to pay wages to employees, you cannot use those same wages to calculate the ERC credit).
If You Were Told You Don’t Qualify for the ERC – Don’t Believe it!
Don’t let anyone tell you not to pursue the ERC credit. There are a lot of complex regulations and qualifications that need to be taken into consideration, so make sure you’re doing your own research.
Once you’ve read the regulations and qualifications for the ERC and determined that your business qualifies, then you should go ahead and pursue the credit.
Like with any government credit or incentive, the government may look more closely at businesses that take advantage of the ERC. The IRS has set up rigorous safeguards to look for indications of fraud, so be sure that you calculate the ERC accurately and that your filings are accurate.
Can You Fix an ERC Filing That Was Done By Someone Else?
Yes! If someone else has already filed your ERC credit and you want to make changes, you can amend the filing by submitting a new Form 941 and checking the box indicating that you are amending a prior filing.
The ERC credit is an amazing opportunity for businesses that have been affected by the pandemic. It can reduce their payroll taxes and can even put money back in their pocket. Make sure you research the qualifications to make sure your business qualifies and take advantage of this amazing opportunity if you do.
Collecting the ERC credit is a great way to get some much-needed tax relief during these tumultuous economic times. We hope this guide was helpful and informative for you in your efforts to reclaim your credit. With just three easy steps, you can collect your ERC credit today and start to reap the benefits.
