10/07/2022
***** IMPORTANT TAX CREDIT TO BENEFIT YOUR BUSINESS *****
As you are probably aware, the Employee Retention Tax Credit (“ERTC”) is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees. For employers who qualify, including borrowers who took a loan under the initial Paycheck Protection Program (or PPP), the credit can be claimed against up to 70% of qualified salary and wages paid, up to $10,000 per employee per quarter for wages paid between March 13, 2020, and December 31, 2021.
Although the ERTC program has officially ended, this does not impact the ability of a business to claim this credit retroactively. Now, while most employers could still be eligible for the credit, unfortunately self-employed individuals who do not have employees or employers whose only employees are the owners and their relatives, would not. Qualification is determined by one of three factors for eligible employers:
A trade or business that was fully or partially suspended or had to reduce business hours due to a government order; or
An employer that has a significant decline in gross receipts; or
You qualify as a Recovery Start-up Business (for 3rd and 4th quarters of 2021 only).
We were recently made aware that some clients (and/or their friends and families), were being charged as much as 20% of their credit as a fee, and in some cases being refused service because they were too small. For these reasons, we have expanded our capacity to handle more ERTC applications and have also included a screening questionnaire (see attached fill-in PDF) that will help us determine your eligibility. The benefit is very good if you qualify so it is worth an investment of your time to complete this as thoroughly as possible.
Once our dedicated ERTC team reviews your completed questionnaire, we will then contact you with our estimated cost/benefit results and for any additional information necessary to perform the calculations (if applicable). If you decide to proceed with the calculation through F&A, you can expect:
An ERTC calculation fee ranging from 8% to 12% of the credit based on our experience from time and expense billing projects we have completed so far (minimum fee is $750). If we exceed that fee, we discount it to keep it in that range;
Completion in 30 days or less for most cases;
Optional: Help preparing amended Forms 941-X at a fixed fee of $350 per quarter (in some situations we will waive or discount this fee); and
Optional: Assistance with any required amending of your business and individual tax returns for 2020 or 2021 at our standard billing rates (in some situations we will waive or discount this fee).
If you believe you might be eligible, please send us the completed questionnaire to [email protected] and an ERTC Team Member will be in touch with our initial scoping and next steps.
Our primary objective is to make the credit accessible to anyone as long as they are eligible. Even if you are not currently our client, or are or a former client, this service is still available to you and we will assist you with your ERTC claim without any further obligation or upselling. Alternatively, if your current CPA firm has not reached out to you about this credit already, then you are free to use the questionnaire and reach out to them to request a determination about your eligibility.
Thank you for your continued business and support.
