The process starts with an interview or consultation with a certified tax professional who specializes in ERC.
This interview helps gather necessary information about your business, how the pandemic has affected your day-to-day operations, and eligibility for the ERC.
A skilled team of tax preparers conducts thorough research, examining various mandates at the county, city, state, and federal levels. This research ensures that your business is aware of all the applicable guidelines and regulations that may affect your ERC claim.
A secondary review and quality check are performed to ensure accuracy. All relevant governmental orders will then be assembled, highlighted, and organized within your file.
After analyzing the gathered information and conducting research, your ERC calculations will be generated. This process entails finalizing data calculations and preparing the required documentation.
The credit amount calculations are determined, and if your business has received Paycheck Protection Program (PPP) or other COVID relief funds, reallocation may be performed to maximize the ERC claim.
A memorandum supporting your ERC claim is assembled by your dedicated tax preparer. This memorandum outlines the relevant information, calculations, and supporting documentation for your claim.
A quality check and final review are conducted to ensure accuracy. Once compiled, the final package is mailed to you for review and signature.
One Eagle Advisory and its team of tax preparers include audit support, meaning you’ll receive continued assistance and guidance from a tax professional in the event that your ERC claim is audited by the IRS.
Our goal is to provide you with the necessary support and documentation in the rare case of an audit to ensure compliance and the likelihood of a successful outcome.
Given the complexity of ERC rules and evolving legislation, keep in mind that the process of claiming the ERC can differ depending on your individual circumstances. It's crucial to stay updated on the latest guidance from the IRS and seek advice from professionals to ensure your ERC claims are accurate and meet the necessary requirements.Contact us today to discuss your eligibility.
Thorough and meticulous approach to ensure ERC claims
Adherence to rules and regulations throughout the process
Efficient and expedited process to securely claim your refund
Emphasis on data security and protection of client information
Professionalism, expertise, and commitment to delivering exceptional results
Eligible employers are those who have experienced either a full or partial suspension of their business operations due to a governmental order related to COVID-19 (2020 - 2021), or have experienced a significant decline in gross receipts.
The ERC timeframe extends through 2020 and 2021:
2020: March 13, 2020 through December 31, 2020.
2021: January 1, 2021 through September 31st, 2021
No, employers are not required to pay employees in order to get the Employee Retention Credit. However, the credit is only available for wages paid to employees.
No, the Employee Retention Credit is a refundable tax credit and does not have to be paid back.
The Employee Retention Credit, also known as the ERC, was introduced to reward businesses for keeping employees on the payroll during those unpredictable and tumultuous times.
Yes, you can claim the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP). The ERC is designed to help employers of all sizes and certain tax-exempt organizations offset the cost of retaining employees, while the PPP provides loan forgiveness for certain expenses such as payroll costs, rent, mortgage interest, and utilities. You can use both programs together, as long as you don't double dip on expenses.
Yes, the Employee Retention Credit is refundable. This means that you can receive the credit even if you don't owe any taxes for the year. The refundable portion of the credit is equal to the amount of the credit, up to 50% of the employer's qualified wages per employee.
No, the Employee Retention Credit is not taxable. This means that you will not have to pay taxes on the amount of the credit that you receive. However, the credit is subject to payroll taxes, such as Social Security and Medicare taxes, and any wages paid with the credit are subject to those taxes as well.