Employee Retention Credit Home About Apply for the ERC Eligibility Full or Partial Suspension Deadline For ERC Insights Contact Book Free Consulation Tax Law Firm Specialize in the Employee Retention Tax Credit IRS ERC HELP is a Tax Department of Hashmat Law Group dedicated solely to understanding and maximizing the CARES Act Employee Retention Tax Credit (ERTC) for small businesses negatively impacted by COVID 19. We understand the complexity of Tax laws pertaining to the Employee Retention Tax Credit. Get up to $ 26,000 per employee you retained during 2020 and 2021. Call us now or Book a free consultation! (516) 500-5000 Business Growth Sustainability Performance We help you fully document your With the right plan in place, your Put your mind at ease. Our quick & eligibility and calculate your business sustainability will never be easy process helps filing claims in maximum ERC. an issue with us. as little as 1-2 weeks. What Is Employee Retention Credit? The Employee Retention Credit (ERC) is a tax credit provided by the U.S. government to support businesses during challenging times, such as the COVID-19 pandemic. It was introduced as part of the CARES Act in 2020 and has since been expanded and extended to help businesses retain their employees. The Employee Retention Credit COVID-19 has proven to be a huge hit for all of us. As the world was shut down, the economy came to a halt, leaving the future of many businesses in an insecure position. As we begin to find normalcy again, small businesses now must focus on recovering and fortunately, several government programs are easing this process. IRS ERC Help is a company which specializes in The Employee Retention Credit or ERC, a program designed to boost those businesses that were able to retain their employees during this challenging time. Due to the complex tax code and qualifications, it is sternly underutilized. Details of the program include: UP TO $26,000 PER EMPLOYEE AVAILABLE FOR 2020 & Q1 - Q3 2021 QUALIFY WITH DECREASED REVENUE OR COVID EVENT NO LIMIT ON FUNDING (ERC IS NOT A LOAN) ERC IS A REFUNDABLE TAX CREDIT SEE THE IRS TAX CODE The Numbers Speak The Truth 6,030 BUSINESSES REACHED $1,118,109,287 CREDITS RECOVERED 108,540 EMPLOYEES QUALIFIED Maximizing the benefits of the Employee Retention Credit 1. Understand Eligibility Criteria: To maximize the benefits of the Employee Retention Credit, businesses need to familiarize themselves with the eligibility criteria. Initially, the ERC was primarily available to businesses that experienced significant revenue decline or were subject to full or partial shutdown orders. However, with recent updates, even businesses that did not suffer revenue losses may qualify for the credit. 2. Consult with Tax Professionals: Navigating the complexities of tax credits can be challenging. Therefore, it is advisable to consult with tax professionals who specialize in ERC to ensure businesses fully understand the eligibility requirements, claim procedures, and documentation needed. Tax professionals can help identify all eligible quarters, calculate the credit accurately, and provide guidance on optimizing the benefits. 3. Document and Retain Records: Proper documentation is crucial when claiming the Employee Retention Credit. It is essential to maintain accurate records, including payroll reports, revenue statements, and documentation related to government orders or shutdowns. By organizing and retaining these records, businesses can demonstrate their eligibility and support their claims if the IRS conducts an audit. 4. Stay Updated on Changes: The ERC has undergone several changes and updates since its inception. It is important for businesses to stay informed about any modifications, expansions, or deadlines related to the credit. Regularly check official IRS sources, consult with tax professionals, or join relevant industry forums to stay updated on the latest developments. How is $26,000 per employee calculated ? Here’s how the $26,000 per employee is calculated: 1. In the tax year 2020, the ERTC is based on a cap of $10,000 in wages paid per employee. Eligible businesses can claim 50% of this amount, resulting in a maximum credit of $5,000 per employee for the entire year. 2. In each quarter of 2021, the cap remains at $10,000 in wages per employee, but the credit percentage increases to 70% per quarter. This means eligible employers can claim up to $7,000 per employee per quarter in 2021. Why Consult with Hashmat Law Group? ERC Qualifications While the ERC program’s general standards appear straightforward, the interpretation of each qualification is quite difficult. Because of our extensive experience, we can ensure that we make the most of any qualifications that may be accessible to your organization. FULL OR PARTIAL SUSPENSION OF BUSINESS OPERATIONS A government agency mandated a partial or complete shutdown of your business in 2020 or 2021. This includes your operations being hampered by commerce, inability to travel, or group meeting restrictions. GROSS RECEIPTS REDUCTION The gross receipt reduction criteria for 2020 and 2021 are different, but they are measured against the current quarter as opposed to 2019 pre-COVID amounts. VIEW OUR ERC SUMMARY TABLE What our clients are saying Scott Moore Deven Rasmussen The procedure was extremely simple I highly recommend it. When I and painless. ERC Specialists was learned about the ERC program, I extremely professional and detailed. contacted my CPA. He called 30 They also advised me on how to minutes later to tell me I didn’t improve my chances of receiving qualify. I had ERC Specialists check additional funds in the future. I had to see if I qualified out of curiosity. an excellent experience with them I discovered that I had received the and would recommend them to any ERC for 7 of my 9 employees. Ready to Get Started? Contact Details 320 Post Ave, Suite108 Hashmat Law Group is a Law firm dedicated solely to understanding Westbury, NY 11590 business owner. Contact Us Important Links Follow Us and maximizing the CARES Act Employee Retention Credit (ERC) for small businesses negatively (516) 500-5000 contact@irserchelp.com impacted by COVID 19. IRS ERC HELP, INC DOES NOT provide any legal or accounting advice and users of this web site should consult with their own lawyer and C.P.A. for legal and accounting advice. Copyright 2024, Built by Tanzeel, From Tech-Nexus Presence
