Employee Retention Tax Credit
Be careful to use only reputable companies that have CPA’s on staff signing off on your amended 941’s.Many ERC mills have popped up during the past year to help you qualify for ERC tax credit but simply don’t have the credentials or the knowledge to do so. You need a reputable CPA firm signing off on the documents that is going to be here long after the ERC credit is gone. At Excel Empire, our CPA’s have been in business for over twenty years and are recognized by the American Institute of Certified Accountants. The Employee Retention Tax Credit (ERC) was created by Congress to help employers affected by the Covid-19 pandemic. The ERC is a refundable payroll tax credit.
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What are government tax credits and the facts about ERTC?
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 - September 30, 2021
70% of up to $10,000 qualified wages per quarter for all 2021 quarters.
Maximum credit of $28,000 per employee.
Do You Qualify?
You may or may not qualify for Employee Retention Tax Credits. You owe it to yourself and your company to do the research to find out if you do qualify. Don’t trust companies that don’t have a CPA signing off on the amendments.
THERE IS NOT MUCH TIME LEFT TO CLAIM YOUR CREDIT, SEE IF YOU QUALIFY!
We recently recovered $68k for an HVAC company for only one quarter.
According to the GOVERNMENT 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.
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 have a third party write a report that will identify for you which quarters you quantify for. This is not an IRS requirement, this is what we do on our end to solidify the numbers.
Calculate the ERC, with CPA's and not ERC Mills
Along with the required ERTC documents, we conduct a thorough interview with the owner that will allow us to research your county, state, and your industry specifically for qualifying factors. This will allow us to determine the depth of the pandemic impact.
File the relevant documents with the IRS
We complete and make ready to file all necessary forms to submit documentation to the IRS. You are required to provide a wet signature before submitting amended 941s.
CPA's 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
Financial compensation to Excel Empire only occurs after the tax work is completed.We will not charge you if you do not qualify for ERTC after doing research to determine if you qualify.
Do not wait! See if you qualify today!
100% money-back guarantee!
- Fees will be waived, adjusted, or forgiven proportionately
- Third Party Audits Excel Empire’s work before submitting your ERTC packet to the IRS
- 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: Excel Empire stands behind and defend our work and our clients 100%. Many of our competitors are simply ERTC Mills and don’t even have a CPA on staff much less have a CPA review and sign off on your amended 941’s.
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?
Excel Empire uses our very own CPA firm to sign off on ERTC. You can use us knowing that we will be here long after the ERC Mills have shut down.
Here are some ERTC myths uncovered
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.
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.
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.
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.