How to Get Started?
We’ve made this extremely simple to start since that is all we do—maximizing your Employee Retention Tax Credit. We’ve simplified this method so that it will only take you 15 minutes to complete.
- Call us as soon as possible so we can address any inquiries and send you an engagement letter.
- Put us in touch with the members of your team who can give us payroll details and quarterly reports.
- We'll proceed from there. We assess eligibility, calculate credits, prepare filings, and produce audit records.
- You will be given a Summary and the revised Federal Returns to sign at the end.
That’s how easy it is, in fact.
How Much Money Can I Get?
The American Rescue Plan Act of 2021 (signed March 11, 2021) provides up to $26,000 in reimbursements per worker, but that amount fluctuates considerably based on at least a dozen parameters, such as the time of revenue losses, reception of PPP loans & forgiveness, staff turnover, and so on.
Practically, unless we analyze a few numbers, it is impossible to say with any certainty how much you should anticipate receiving.
Try our ERTC Calculator if you want an estimate. Do you want the fastest answer? Simply give us a call at (347) 328-3722 to speak with an expert at Your Part Time Accountant for a free evaluation of your case.
Can Your Tax CPA Handle Employee Retention Tax Credit for You
A tax specialist, whether a CPA or an EA, most likely just files your federal and state income tax returns. On Form 941, ERTC credits can be claimed against Employment taxes, and Form 7200 can be used to claim cash advances.
Every tax expert we spoke to claimed they focused on remaining current on the constantly changing income tax legislation and couldn’t suddenly become specialists in the ERTC system as well. The intricacy of the ERTC process is a beast by itself.
You should absolutely delegate this work to your tax adviser if they are capable of assessing your qualification by quarter and year, determining your credits, and creating timely records to satisfy an IRS audit.
If you would rather hire someone else to focus on ERTC alone, contact Your Part Time Accountant today, and let’s figure it out!
And How About Your Bookkeeper?
Without a doubt, your bookkeeper should have access to every piece of record required for a precise assessment of your ERTC claim. Your payroll records, bank statements, and PPP debt forgiveness paperwork will be available to them. But… Do They Have the Time is the Real Question.
- Do they have the time to read through the American Rescue Plan Act of 2021’s and the laws it cites, including the Consolidated Appropriations Act, the CARES Act, the Families First Act, the Payroll & Healthcare Enhancement Act, and others?
- Time to go over the IRS FAQs and Definitions.
- And compare those definitions to the PPP concept, which was separate from and defined differently in the Small Business Administration’s Bulletins and IFRs?
- Do they have time to assess your qualification by quarter and year, determine your credits, and create timely records to satisfy an IRS audit?
We haven’t yet encountered a bookkeeper who can take on all of this while managing regular timely bookkeeping. Follow up on the offer if yours can. We’re excited to take a second look.
This calculator’s goal is to determine your potential qualification for the ERTC credits from an initial point.
The accuracy of your inputs determines how accurate our estimate can be. Although you are free to make a guess, more information in implies better information out.
If you need a more detailed answer, contact us today. We are here to help!
Frequently asked questions
The CARES Act, also known as the Coronavirus Aid, Relief, and Economic Security Act, was passed into law on March 27, 2020. The Payroll Protection Program (PPP), handled by the Small Business Administration, and the Employee Retention Tax Credit (ERTC), handled by the Internal Revenue Service, were two programs included to help companies retain employees hired. PPP funds are allocated based on 2.5 months of payroll, and to qualify for forgiveness, at least 80% of the resources must be put to payroll. Furthermore, PPP funds are not taxed as profit, however, you can still deduct payments made to PPP-covered payroll. Yet, ERTC tax credits are credits (or reimbursements) for a portion of your eligible quarters’ payroll. There are particular guidelines for assessing qualifications each quarter and putting a cap on the amount that each employee can claim.
Businesses could originally decide if they will apply for PPP or ERTC credits under the CARES Act, but not both. Because of the factors we won’t get into here, PPP was more favorable than ERTC for the majority of enterprises, and most of those with less than 500 employees received PPP Loans and Forgiveness.
The American Rescue Plan Act of 2021, which was passed into law on March 11, 2021, included numerous changes and additions to the existing components of earlier relief programs.
Notable changes for business owners include:
- The addition of the ability to claim ERTC credits for companies who filed for and received PPP financing.
- For companies that met the requirements in 2020, ERTC credits could be applied retrospectively.
- Through September 30, 21, ERTC credits were offered with fewer eligibility conditions.
- The eligible wage cap per employee raised from $10,000 for the entire calendar year 2020 to $10,000 each quarter for the first three quarters of 2021.
- By 2021, the refundable credit amount would equal 70% of the eligible wages, up from 2020s 50%.
The simple answer is “Yes”—you can still file an ERTC claim even if you got PPP funds.
Yes, we do! To find out more contact us and schedule your free call.