Business hit hard by COVID?
The Employee Retention Credit can help you recover.
Want to claim this tax credit? Our upcoming free webinar shows you how!
Our Clients have received over $40 million in ERC money!
WHAT IS THE Employee Retention Credit (erc)?
Businesses that experienced a reduction of income OR partial shut down due to COVID-19 in 2020 or 2021 may qualify for the Employee Retention Credit (ERC). This is a tax credit created under the 2020 CARES Act to help companies like yours and it could be worth up to $7,000 per employee, per quarter! If the pandemic hurt your business, this is your chance to recoup some of your losses.
the easy 2-step solution
Our experience and financial technology makes it simple to determine if you’re eligible for the tax credit AND to maximize the money you receive back. On average, we’re able to get our clients 37% higher credit than the amounts calculated by their accountant!
1. Get a Free Estimate
Not sure how much credit you qualify for? Use our ERC calculator to see how much you can potentially claim!
2. Download & Submit Form
If you are eligible to claim the tax credit, download the form & submit the company information needed to calculate your credit.
Employee Retention Credit FAQs
Is the ERC really worth the effort?
Yes, it is! The ERC is waiting for companies to claim it, and there is a lot of money on the table.
You could be eligible up to $5,000 in 2020 and up to $7,000 per quarter in 2021 for every employee in your company. So, for a 10-employee company that was eligible all of 2020 and the first two quarters of 2021, that is equal to $19,000 per employee or $190,000 in potential ERC.
Even if you previously thought you were not eligible, updates to the law have opened it up to more companies. And since we have simplified the calculation and process needed to get your ERC money, you really have nothing to lose.
How long will this take me to complete?
You can find out if you’re eligible in just a minute or two with our questionnaire. Hit the green “Am I Eligible” button above and answer the questions to find out.
After you determine that you are likely eligible to claim the ERC, you can fill out our information gathering spreadsheet. This is where you’ll enter information on your employees and earnings during affected quarters. Generally, this includes quarterly financials for each year, information on your PPP forgiveness if applicable, number of employees and any formerly credits applied for (paid family and medical leave credits)
Is the ERC something I apply for? If so, how?
The good news is that you don’t actually have to apply for ERC. The ERC is a payroll tax credit that you can claim, if eligible, by reducing your deposits for federal employment taxes in relation to the anticipated ERC amount. If the amount of ERC is expected to be more than federal tax deposits, you can request an advance which comes as a check from the IRS.
Why can’t my payroll company just do this?
Your payroll company is set up to handle time and the basics of payroll taxes, keeping you compliant for everyday operations. The ERC arose due to the pandemic so it’s not a normal part of operations for businesses or payroll companies. And while determining eligibility is easy, the calculations for figuring out what you can claim are not, especially if you want to maximize that amount. So while they will have the information you need to run the calculations, most truly are not set up to handle the actual ERC process.
Why can’t my CPA handle this for me?
Your CPA or bookkeeper could absolutely help you with your ERC if they are willing to. We have found that the majority of our clients were told they weren’t eligible or that they didn’t have time to complete the ERC on their behalf.
The ERC calculations are complicated, especially if you received PPP loans and forgiveness. Unfortunately, many of our clients had accountants and CPA that were unwilling or unable to take the time to help them with these calculations. We’ve been involved in helping our clients obtain the max of PPP loans and forgiveness possible. We’ve also created a process to help clients maximize their ERC when the program first started.
How much does this cost?
The cost of our service is 15% of the amount of credit you qualify for. This makes it both affordable and easy to manage without taking a huge bite out of your operating budget.
What if I had a PPP loan forgiven, can I still get the ERC?
Yes, changes to the regulations under the American Rescue Plan Act of 2021 allow companies that received forgiveness for PPP loans to also be eligible for ERC. The ERC will be reduce by the amount of PPP forgiven by employee. Our detailed employee by employee calculation allows you to maximize the ERC even if you took the maximum allowed amount in PPP loans.
We are a payroll and financial technology company that provides streamlined solutions to everyday business problems related to payroll, reporting and taxes. We have over 20 years of experience helping clients navigate compliance issues – check us out at eBacon.com