What is the ERC?
Employee Retention Credit
The United States Treasury Department is issuing payroll tax refunds to businesses that kept employees on payroll during the pandemic period. As part of the CARES Act, the Employee Retention Credit is aimed at rewarding and thanking businesses for keeping people employed despite several challenges that COVID-19 brought.
The IRS is deeming a total of 6 quarters eligible for the Employee Retention Credit:
2020: Q2 - Q4 2021: Q1 - Q3
ERC is only good through 2024 and many Certified Public Accountants (CPA) are unfamiliar with the lengthy tax code involved. Businesses are disqualifying themselves on out-of-date information and leaving millions on the table.
Upload the required documentation. Once uploaded we will then review your submission to ensure all information needed is in place to maximize your credit. After review we will then provide you with a detailed outline of your exact credit amount. Once the agreement is signed your 941 forms will then be filed with the IRS.
Step three is simply waiting for the IRS to complete their processing. On average, it will take 4-6 months to complete the ERC filing.