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ERC Guidance on Income Tax Returns - Please Click Here for Details info@bottomlinesavings.com (212) 668-1111 Facebook Instagram Linkedin Youtube How It Works About ERC Why Us FAQs Contact Us Menu How It Works About ERC Why Us FAQs Contact Us How It Works About ERC Why Us FAQs Contact Us Menu How It Works About ERC Why Us FAQs Contact Us We Specialize in Maximizing the Employee Retention Credit (ERC) Program BLC launched our Government Aid Division to help small businesses impacted by Covid-19 How It Works Watch our videos to understand more about the ERC program and how we can help your business. BLC Academy 7 Videos What is ERC 2:28 Determining Your Businesses Eligibility 2:29 Interaction with PPP 1:43 BLC Academy - FAQ #1 1:18 BLC Academy - FAQ #2 2:34 BLC Academy - FAQ #3 2:55 BLC Academy - FAQ #4 2:15 Play Video About The ERC Program What is the Employee Retention Credit (ERC)? ERC is a stimulus program designed to help those businesses that were able to retain their employees during the Covid-19 pandemic. Established by the CARES Act, it is a refundable tax credit – that you can claim for your business. The ERC is available to both small and mid-sized businesses. It is based on qualified wages and healthcare paid to employees. Up to $26,000 per employee Available for 2020 and the first 3 quarters of 2021 Qualify with a Revenue Decline or Full or Partial Suspension of Operations due to Governmental Orders No limit on funding ERC is a refundable tax credit How much money can you get back? You can claim up to $5,000 per employee for 2020. For 2021, the credit can be up to $7,000 per employee per quarter. How do you know if your business is eligible? To qualify, your business must have been negatively impacted in either of the following ways: A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings. Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts. A business can be eligible for one quarter and not another during the COVID pandemic. Initially, under the CARES Act of 2020, businesses were not able to qualify for the ERC if they had already received a Paycheck Protection Program (PPP) loan. With new legislation in 2021, employers are now eligible for both programs. The ERC, though, cannot apply to the same wages as the ones for PPP. Why Us? The ERC underwent several changes and has many technical details, including how to determine qualified wages, which employees are eligible, and more. Your business’ specific case might require more intensive review and analysis. The program is complex and might leave you with many unanswered questions. We can help make sense of it all. Our dedicated experts will guide you and outline the steps you need to take so you can maximize the claim for your business. Our Results Businesses Enrolled 0 Credits Recovered $ 0 Employees Qualified 0 Services Thorough evaluation regarding your eligibility Comprehensive analysis of your claim Guidance on the claiming process and documentation Specific program expertise that a regular CPA or payroll processor might not be well-versed in Fast and smooth end-to-end process, from eligibility to claiming and receiving refunds Dedicated specialists that will interpret highly complex program rules and will be available to answer your questions, including: How does the PPP loan factor into the ERC? What are the differences between the 2020 and 2021 programs and how does it apply to your business? What are aggregation rules for larger, multi-state employers, and how do I interpret multiple states’ executive orders? How do part-time, Union, and tipped employees affect the amount of my refunds? Ready To Get Started? It’s Simple. Evaluation regarding your eligibility. We analyze your claim and compute the maximum amount you can receive. Our team guides you through the claiming process, from beginning to end, including proper documentation. DO YOU QUALIFY? How do part-time, Union, and tipped employees affect the amount of my refunds? Frequently Asked Questions Have questions? We are here to help. Can I apply for ERC if I’m self-employed? No. Only W-2 employee wages can be claimed, and you cannot claim your own wages as a majority owner even if you are on a W-2 wage. Can I apply for ERC if I have 1099 employees? No. Only W-2 employee wages can be claimed for the credit. Can I apply for ERC if I have family on payroll? Yes! You can apply for ERC, but you may not claim ERC on wages paid to family members of majority owners. This includes immediate family plus in-laws, aunts, uncles, and cousins. Can I get ERC if my business revenue went up? Yes! Your business will be able to qualify for ERC if you had a full or partial suspension of operations. What are qualified wages for ERC? The Employee Retention Credit (ERC) uses qualified wages as the basis for its calculation, which covers any wages paid that are subject to FICA taxes. These qualified wages can include various types of compensation, such as salaries, hourly wages, vacation pay, and certain health plan expenses, among others. What period does the program cover? The program began on March 13th, 2020 and ends on September 30, 2021, for eligible employers. You can apply for refunds for 2020 and 2021 after December 31st of this year, into 2022 and 2023. And potentially beyond then too. We have clients who received refunds only, and others that, in addition to refunds, also qualified to continue receiving ERC in every payroll they process through December 31, 2021, at about 30% of their payroll cost. We have clients who have received refunds from $100,000 to $6 million. Do we still qualify if we already took the PPP? Yes. Under the Consolidated Appropriations Act, businesses can now qualify for the ERC even if they already received a PPP loan. Note, though, that the ERC will only apply to wages not used for the PPP. Do we still qualify if we did not incur a 20% decline in gross receipts? Your business qualifies for the ERC, if it falls under one of the following: A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings. Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts. Do we still qualify if we remained open during the pandemic? To qualify, your business must have been negatively impacted in either of the following ways: A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings. Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts. A business can be eligible for one quarter and not another. Initially, under the CARES Act of 2020, businesses were not able to qualify for the ERC if they had already received a Paycheck Protection Program (PPP) loan. With new legislation in 2021, employers are now eligible for both programs. What time period does the ERC program cover? The ERC program covers eligible wages paid to W-2 employees from March 13th, 2020 through September 30th, 2021 for eligible employers. What is the Employee Retention Credit? The employee retention credit (ERC) is a refundable payroll tax credit that was put into law through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The ERC is for businesses that continued to pay employees while shut down due to COVID -19 restrictions or had significant decline in gross receipts from March 13, 2020 to September 30, 2021. This credit offsets employment...