Employee Retention Credit
The Employee Retention Credit (ERC) was created by Congress to help employers affected by the Covid-19 pandemic. The ERC is a refundable payroll tax credit. Tax Strategy Pro has helped business owners recover nearly half a Billion dollars.
Watch our short intro video to learn what it’s about:
Take the 60-second quiz to find out if you qualify now!
What are government tax credits?
In order to provide economic relief to businesses and individuals during the Coronavirus pandemic, the CARES (Coronavirus Aid, Relief and Economic Security) Act was signed into law in March 2020. This $370 billion stimulus package makes funding available to small companies, which can be used to allow certain employers who retain employees during the crisis, to claim a tax credit. This tax credit is known as the Employee Retention Credit (ERC).
2020: CARES Act
March 13, 2020 – December 31, 2020
50% of up to $10,000 qualified wages per year for full-time employees. Maximum credit of $5,000 per employee.
Wages total cannot include those paid by forgiven PPP loan proceeds.
2021: Covid-19 Relief Package
January 1, 2021 - December 31, 2021
70% of up to $10,000 qualified wages per quarter for all 2021 quarters.
Maximum credit of $28,000 per employee.
Could you be forfeiting money? It’s your money!
Many think this is another loan or something they’re not entitled to. That’s simply not true. This is a refund to you of YOUR money that you’ve already paid in order to help your business.
THERE IS NOT MUCH TIME LEFT TO CLAIM YOUR CREDIT, SEE IF YOU QUALIFY NOW!
SEE IF YOU QUALIFY NOW WITH OUR 60-SECOND QUIZ
We recently recovered $51k for a construction company (9 employees) for one quarter.
There are 2 ways a business can qualify:
SHUTDOWN OR SUSPENSIONS
A full or partial suspension of business operations as a result of government order.
Partial shutdown example – in-door dining was not allowed at a restaurant, but take-out was available
Full shutdown example – under the CA stay at home order, child day care centers were completely closed
REVENUE DECLINE FROM 2019
A significant decline in revenue is defined as:
For 2020
A 50% decline in revenues in any quarter compared to the same quarter in 2019
For 2021
A 20% decline in revenues in any quarter compared to the same quarter in 2019
What we handle for you…everything.
Determine and document qualification for ERC
We write a report that will help quantify the numbers that we use to amend the 941’s. This is not an IRS requirement, this is what we do on our end to solidify the numbers.
Calculate the ERC, including the forgiven PPP amount if applicable
Along with the required ERTC documents we conduct a thorough interview with the owner to drill down with information that will allow us to research your county, state, and your industry. This will allow us to determine the depth of the interruption that you have been dealing with during COVID.
File the relevant documents with the IRS
We complete and file all necessary forms and submit all documentation to the IRS for you.
Defend claims if required by audit
We have an audit guarantee in our agreement that we will stand behind and defend our work 100%.
Our Fees: Contingency Fee Based On Recovery Amount
There's no charge to see if you qualify, and if so, for how much. Financial compensation to Tax Strategy Pro only occurs after the tax work is completed.
Only 14% of all businesses that are eligible have claimed their recovery.
Do not wait! See if you qualify today!
100% money-back guarantee!
- Fees will be waived, adjusted, or forgiven proportionately
- COVID Impact Report which goes beyond the IRS required documentation provided at no extra cost for your protection and peace of mind. Others are charging five-figure fees for this service alone.
- Audit Guarantee: we stand behind and defend our work and our clients 100%.
Don't take our word for it, Just look at some of the amazing recoveries we've helped clients with!
Private School, Midwestern US
RECOVERY AMOUNT: $1,503,052.02
Manufacturing Company, Ohio
RECOVERY AMOUNT: $1,198,088.04
Auto Sales & Service (Dealership), Connecticut
RECOVERY AMOUNT: $1,075,378.09
ARE YOU READY TO see if you qualify?
Don’t leave money that you’re entitled to on the table and forfeit it to the government.
Here are some ERTC myths uncovered
I don’t qualify for the ERC because I don’t have a significant decline in gross receipts
For purposes of the ERC, an eligible employer must be able to reflect that EITHER the business had operations that were fully or partially suspended OR experienced a significant decline in gross receipts. To be an eligible employer for the ERC they must only meet one of these tests. It is an “OR” test.
My business is operating so I cannot qualify as having full or partial shutdown due to governmental authority.
Not so fast. There are a variety of ways where a business is considered subject to a partial shutdown. Two of the most common examples often missed are instances where operational hours are limited or where suppliers of an essential business are suspended due to governmental orders.
Governmental orders include an order from a local official imposing a curfew on residents that impacts the operating hours of a trade or business for a specified period.
Only small companies, with fewer than 500 employees, can qualify for the 2021 ERC.
An employer that averaged greater than 500 full-time employees in 2019 can only evaluate wages paid to employees for not providing services. Sometimes this statement discourages large employers, but this requires a closer look. Remember that qualified wages include the employer’s contribution of qualified health plan expenses. Therefore, qualified health plan expenses paid by the employer for furloughed employees would be included as a qualified wage for large employers. In addition, the wages paid to employees who weren’t working full time may also be considered. For example, assume you continue to pay someone their full salary even though they are only working 25 hours a week. The compensation for the “non-working” 15 hours a week could be considered a qualified wage for a larger employer. Documentation surrounding these conclusions will be key.
The business is over 500 employees for PPP, so the business is also considered to have over 500 employees for ERC.
Maybe. The rules governing employee headcount for PPP loans falls under the Small Business Administration (“SBA”) guidelines. Under SBA guidelines, an employer must calculate the average number of people employed for each pay period over the business’s latest 12 calendar months. Any person on the payroll must be included as one employee regardless of hours worked or temporary status. Therefore, regardless if an employee worked 5 hours or 40 hours, they would be counted as 1 employee for PPP.
