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Employee Retention Credit
What to know and how we can help

Navigating The Employee Retention Credit?

The Employee Retention Credit (ERC) provides a refund of up to $26,000 per employee to eligible employers for wages paid during the COVID-19 pandemic.

Who Qualifies?

The ERC is available to businesses, non-profit organizations, and specific governmental agencies if they experienced any of the following: adas

Significant Decline in Gross Receipts: There must be a substantial reduction in the business's gross receipts. For 2020, this is defined as a decline in gross receipts of more than 50% compared to the same quarter in 2019. For the first three quarters of 2021, the requirement is a decline in gross receipts of more than 20% compared to the same quarter in 2019.

Full or Partial Suspension: The employer must have experienced a full or partial suspension of business operations during 2020 or the first three quarters of 2021 due to orders from a governmental authority related to COVID-19. This suspension could be due to limitations on commerce, travel, or group meetings.

Recovery Startup Business: For businesses that started after February 15, 2020, and have annual gross receipts of less than $1 million, they may qualify as a recovery startup business. Recovery startup businesses can qualify for the fourth quarter of 2021 in addition to the other eligible quarters. Eligible employers can claim the ERC for qualified wages paid between March 13, 2020, and December 31, 2021.

With recent updates and complexities surrounding ERC, businesses are now navigating the landscape of programs like the Voluntary Disclosure Program and the Withdrawal Program to ensure compliance.

What Is The Employee Retention Credit Withdrawal Program?

The Employee Retention Credit (ERC) Withdrawal Program allows businesses that have filed for an ERC but not yet received it, or those who have received but not cashed or deposited the check, to withdraw their claim. This program is crucial for businesses that have re-evaluated their need or eligibility for the credit after filing. By withdrawing, the claim is treated as if it was never filed, avoiding penalties. It's important to note that this option is not available for businesses that have already received and used the ERC funds. If you already received ERC, you may be eligible for the IRS's Voluntary Disclosure Program, below.

What Is The Voluntary Disclosure Program?

The Employee Retention Credit Voluntary Disclosure Program offers a lifeline to businesses that mistakenly claimed the Employee Retention Credit (ERC), aiming to prevent severe penalties and potential criminal charges from unintentional misfilings or incorrect claims. This program is open to businesses not currently facing criminal investigations or employment tax audits, who have inadvertently received ERC credits or refunds. There's a critical deadline of March 22, 2024, to apply for a reduced repayment of only 80% of the received ERC. Missing this deadline, however, could lead to increased repayments and penalties.

Contact Us For Assistance
Navigating the Employee Retention Credit and associated programs can be a complex. One Eagle Advisory is here to provide expert guidance and support, ensuring a smooth and compliant process for your business.

If you have any questions or uncertainties, book a complimentary call with us to see how we can help.
“What really impressed me in our first phone call with One Eagle was how they asked all the right questions from the get-go. They went beyond just revenue and dug deep into how the pandemic affected our business. Working with them was a breeze, and the amount of information they provided in their documentation was mind-blowing. When we finally received our credit, we were over the moon – excited, relieved, and grateful. Our organization put in a lot of effort during these challenging times, and this financial relief is a game-changer for our future well-being.”
Owner, Home Care Organization
Brian P.
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“What really impressed me in our first phone call with One Eagle was how they asked all the right questions from the get-go. They went beyond just revenue and dug deep into how the pandemic affected our business. Working with them was a breeze, and the amount of information they provided in their documentation was mind-blowing. When we finally received our credit, we were over the moon – excited, relieved, and grateful. Our organization put in a lot of effort during these challenging times, and this financial relief is a game-changer for our future well-being.”
President and Owner, HomeChoice Home Care Solutions
Brian Peruccio
stars for reviews