Take the complication out of the Employee Retention Credit
Let us show you how our unique services and software help you maximize ERC funding for your small business or organization.
What is the
Employee Retention Credit
Employee Retention Credit Stimulus
The global pandemic created business challenges never before seen. The global economy slowed to a trickle and left many businesses scrambling for survival. Thankfully we are getting back on track, but businesses are now in recovery mode back to prosperity. Many government programs were instituted to make the process more bearable.
The Employee Retention Credit or ERC was one of those programs designed as a generous stimulus incentive for businesses able to hang on to their employees during the pandemic and beyond. Because it's such a complex tax code, it is still extremely underutilized. We wonder why when there are benefits like these?
- Up to $26,000 per employee
- Available for all of 2020 and 2021 through Q3
- Qualify based on decreased revenue or required shutdown
- This is NOT a loan
- There is no limit on funding
- ERC is purely a REFUNDABLE tax credit
- Can be spent any way you like
Read or listen to Kevin A. Marshall's new book:
Tax Credits Are Sexy: What Every Organization Needs to Know about the Employee Retention Credit.
Why Choose ERC Expert?
We eat, live and breathe ERC
You won't need to take a chance on an ERC-inexperienced CPA. Every day we help clients maximize ERC.
Maximize Your Credit
We examine your claim in every way to ensure you don't miss credits to which you're entitled.
Our custom-designed software takes into account every complex aspect of ERC tax law.
Our processes and software are designed for maximum results in minimal time.
ERC Program Experts
We focus only on ERC so we are specialists in getting the best and quickest tax credits for you.
We support you in case of IRS audit and will supply documentation and assistance in responding to the IRS.
Qualifying for ERC
Congress created multiple provisions for the ERC. It seems simple, but each has complexities that require expertise and our experience to get your maximum credit.
1. Shutdown Provision: for organizations that were required to fully or partially shutdown due to COVID-19
2. Reduction in Gross Receipts Provision: for organizations that experienced a decline of 50% in Gross Receipts in 2020 or just a 20% reduction in 2021
3. Recovery Startup Provision: for organizations that began operations on February 15, 2020 or later (note: in this case funds are limited to Q3 & Q4 of 2021, up to a maximum of $50K per quarter or $100K in total)
Frequently Asked Questions
What is this program?
The Employee Retention Credit (ERC) is a federal stimulus program to help businesses and nonprofits stabilize and grow after the pandemic downturn. It retroactively rewards qualifying businesses for retaining employees during 2020 and 2021.
Why haven’t I heard about this?
The initial ERC program was signed into law on March 27, 2020 as part of the CARES Act. The bill was significantly expanded in 2021 which increased opportunities for businesses to qualify.
Why can’t I have my own accountant and/or CPA do this for me?
Profitopia has specialized expertise and processes to get business owners money as quickly as possible. We can work directly with your accountant and/or CPA, or work with the business owner directly.
How do I know if I qualify?
Good news! Profitopia will do that for you at no cost. No need to crunch numbers before you contact us.
There are four distinct ways for businesses or non-profits with 1 – 500 W2 employees to qualify.
Required to fully or partially shut down by government order due to Covid-19 in 2020 and/or 2021. This includes time to accommodate new operating procedures.
- Had a 50% or greater decline in revenue in any quarter in 2020 compared to the same quarter in 2019.
- Had a 20% or greater decline in revenue in any quarter in 2021 compared to the same quarter in 2020.
- Started a business or a new trade from your existing business after February 15th, 2020.
What if I received a PPP loan?
There was a change to the CARES Act that now allows businesses who received a PPP loan to now qualify to receive these funds for W-2 employees during the same time period.
Will this affect my PPP loan forgiveness?
No, the PPP loan will be deducted from the calculations and will be kept separate, as required.How will I receive the refund?
You will receive a paper check via USPS directly from the IRS.
Who is Profitopia?
Profitopia is a national accounting firm and our strategic partner. They are an amazing team of CPAs and other financial experts with over 75 years of combined experience.