Due to the high volume drop-offs, please allow 7-10 business days for completion. If you are outside of that window, email admin@cpawright.com
Employer Retention Tax Credit (ERTC)
The Employer Retention Tax Credit (ERTC) is a one-time refundable tax credit from the Federal Government. You may have received one or both rounds of PPP, but you can also receive ERTC. Many businesses and organizations believe they don’t qualify or have overlooked this opportunity, but it may be even more beneficial than PPP.
The ERTC was created by the CARES Act of March 27, 2020 and updated and expanded by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. The process to claim ERC is more complex than applying for PPP as it requires detailed calculations to determine the credit, amending quarterly payroll tax returns and amendments to your business tax returns once the refunds are received. We have experience in claiming these refunds for clients in numerous industries and various sizes of employee bases.
The maximum benefit for ERTC is:
- $5,000 per employee for 2020
- $21,000 per employee for 2021
If you experienced one of more of the following in 2020 or 2021, you may qualify:
- Decline in Gross Receipts (quarter by quarter percentage comparison)
- Full or Partial Shutdown due to COVID Government Orders
- Reduced operating hours, product lines, work sites, etc.
- Supply Chain Interruption due to Full/Partial Shutdown of your Suppliers
- Opened a New Business after February 15, 2020
Some clients for which we’ve helped claim refunds include:
- Non-Profit Organization with 228 employees — $2,553,434
- Retail Store with 20 employees — $393,937
- Social Services Organization with 26 employees — $369,040
- Manufacturing Company with 16 employees — $268,875
- Restaurant with 45 employees — $250,591
- Medical Office with 10 employees — $96,529
- Construction Contractor with 5 employees — $54,589
- Professional Services Firm with 2 employees — $12,600
We’re here to help you navigate the claims process and file for refunds to reinvest in your business. For an initial consultation, call Anthony Mercer or Jennifer Dalton at 620-342-7435 or email anthony@cpawright.com or jennifer@cpawright.com.