Welcome to our comprehensive FAQ sheet, designed to be your go-to resource for all things related to the Employee Retention Credit (ERC) in collaboration with ERC Together. Here, we've compiled answers to the most frequently asked questions, offering clarity on the intricacies of ERC claims and eligibility criteria. Whether you're a business owner navigating the ERC landscape for the first time or seeking nuanced insights into recent updates, our FAQ section provides a curated and authoritative source of information. Backed by ERC Together's expertise, we aim to demystify the complexities surrounding the ERC, ensuring that you have the knowledge needed to make informed decisions for your business. Explore the FAQ sheet and empower yourself with the insights necessary to navigate the ERC landscape effectively.
These Responses were provided by ERC Together.
There are no upfront costs or obligations for receiving a refund analysis. Once we begin the process of recovering your refunds, our fee amounts to 25%, with no undisclosed expenses. You won't need to make any direct payments upfront. Our fee is only applicable when you receive your refund checks. This fee encompasses the professional preparation of your claims by a qualified CPA or tax attorney experienced in substantiating, calculating, and claiming ERC refunds.
You can increase your earnings by referring friends to us. Earn extra money for each successfully approved application.
PPP was extensively promoted by the SBA, while ERC is directly claimed through the US Treasury. Our mission, along with our strategic partners, is to educate you and facilitate the process of obtaining the entitled payroll tax refund for your business.
While PPP received significant SBA marketing, ERC is claimed directly through the US Treasury. Our collaborative bank partners and us strive to enlighten and assist you in accessing the payroll tax refund your business deserves.
It's crucial to act swiftly as the program is technically no longer active. Time is limited to claim your refund. Don't delay!
Absolutely! Both essential and non-essential businesses can qualify, and a decline in revenue is not obligatory. Many of our clients, despite experiencing sales growth, encountered disruptions or negative impacts.
ERC is a refundable payroll tax credit. Originating from the CARES Act, just like PPP, its purpose is to provide economic relief to small and medium businesses that retained employees during the COVID-19 pandemic. Initially, eligible employers had to choose either PPP or ERC. However, in 2021, Congress revised this provision through the Consolidated Appropriations Act, allowing businesses to apply for both.
The IRS estimates that 70-80% of SMBs are strong candidates for ERC. If your business faced disruptions due to government orders affecting commerce, travel, or group gatherings, it may qualify. This includes supply chain issues, price changes, reduced hours, decreased goods or services, inability to travel or attend events. Connect with our Refund Specialists for more insights.
Unlike PPP, this isn't a loan. It's a cash refund for your business, and you have discretion in its usage.
As of 2023, the average IRS processing time for your business' refund check from the US Treasury is approximately 4.5 months.
Calculating the precise refund amount involves intricate accounting. While these are payroll tax credits, your payroll tax payments don't influence ERC calculations. Refunds depend on several factors such as qualifying quarters, employee count, hours worked, wages paid, and, if relevant, PPP loans, group health premiums, and participation in other government programs
Our customers have reclaimed over $100 million in refunds for qualifying businesses, including those previously deemed ineligible. It won't cost you anything to determine the potential recovery for your company.
Due to the Employee Retention Credit, the IRS is addressing a backlog of amended Form 941 filings. Consequently, an extended waiting period may occur before you receive your refunds. Average wait times vary, often ranging from 5-8 months for new applications.
To check your refund status, you can directly contact the IRS at (877) 777-4778. Your Customer Service Champion is also available for updates during your refund process.
The tax code comprises over 70,000 pages, making it impossible to master every aspect. Our specialization is ERC. It's similar to the distinction between a general practitioner and a neurologist. Focusing solely on this program, our strategic partners comprehend the intricate details and subtleties involved in determining your eligibility and accurately calculating your refunds.
ERC Together is powered by a customer centric mindset, top-of-the line talent, and experienced leadership from the world's most trusted brands. That’s how we’re able to achieve our mission of helping thousands of businesses across the country.
When it comes to alliances, we look for the same thing we look for in our employees: trusted, talented people. That’s led to working relationships with over 100 banks who put their trust in our company to help their clients. Additionally, we’ve worked with companies like iHeartMedia and Yelp to create growth for their small business audiences.
This page is in partnership with ERCtogether.com