Maximize your COVID-19 relief with our ERC Tax Credit Preparation
Maximize Your Return with ERC Tax Credit Preparation. You could earn up to $26,000 per employee.
What is the ERC?
Frequet Asked Questions
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A: Eligibility for the ERC Tax credit includes businesses of all sizes, including tax-exempt organizations, that experienced a significant decline in gross receipts or were fully or partially suspended due to government orders.
A: Initially, the IRS disallowed employers who received a PPP loan from claiming the ERC Tax credit. However, the Consolidated Appropriations Act of 2021 allows eligible businesses to claim the ERC Tax credit even after receiving PPP loan forgiveness, but certain restrictions apply.
A: You’ll need adequate documentation, including records of payroll, invoices, financial statements, unemployment filings, government orders, and other supporting documents.
A: The IRS website provides detailed guidance, frequently asked questions, and other resources related to the ERC Tax credit. Additionally, you schedule a call with one of our tax professional to help ensure accurate and comprehensive understanding of the credit.
A: No, only wages paid to W-2 employees are eligible for the ERC Tax credit. If you are a majority owner of a business and receive wages through a W-2, you still cannot claim those wages for the credit.
A: Yes, in certain circumstances, businesses can file amended employment tax returns to retroactively claim the ERC Tax credit for eligible quarters in 2020.
A: It is a common misconception among businesses that the ERC Tax credit is only applicable if there is a decline in gross revenue. However, eligibility for the credit depends on various factors, including a significant decline in business activity or the suspension of operations due to government orders.
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