By now, there’s a good chance you’ve heard of the ERC tax credit program. But if you haven’t, or you haven’t acted on it yet, there is a LOT of money on the line and not a lot of time to file for it.
(Deadline to apply for the full amount you may be owed is April 2024; deadline for all amounts owed is April 2025.) It applies to you if you kept people employed or at least kept furloughed employees paid or on health insurance during the pandemic. Basically, the government will pay you up to $26,000 per employee to make up for the whole lockdown scenario. This is not a loan, and you can use it however you like, because it’s basically paying you back for money you shouldn’t have had to spend. Some businesses still don’t know this exists. Others have been told that they don’t qualify. But even if your overall business grew during the pandemic, or you took PPP loans, you may still qualify. Does Your Business Qualify for ERC? Your business may qualify if it suffered any sort of setback due to the pandemic and the rules that were established because of it. If your business experienced any of the following, you should look at filing for a refund:
Who Can File for Your ERC Tax Credits? While anyone can file with the IRS for your tax credits, many accountants / CPAs don’t want to because of its complexity. And if they don’t specialize in ERC, chances are good that they will not be able to maximize your refund, because they don’t know the nuances of this program. Worse yet, many “ERC specialists” are just marketing companies for paid preparers / tax credit firms in the background who still will not maximize the refund. They may not carry Errors & Omissions (E&O) insurance. Plus they offer little in the way of “work reports” showing how refund numbers were produced, which is essential for audit support. Because of this, I recommend a particular ERC firm. My Recommended ERC Firm:
The Cost: If you pay a preparer by the hour, it’s likely to cost you thousands of dollars regardless of what you’re owed, so you have to hope you’re owed a lot. This is a why a lot of firms are working on contingency, and are paid only on what they get you back from the IRS. I have seen contingency fees ranging from 10% (rare) to 30%, and have done the math from the numbers they share on their own websites. This is why I can confirm that my recommended firm likely will earn you back more. (I cannot promise that of course. But it seems to be the case on average.) My recommended firm charges 20% of whatever they get you back from the IRS, and you only pay when you receive the funds. (Besides an initial deposit.) Because you may earn back 20% or more beyond what another preparer would get you, you may effectively get the entire fee paid for … and then some. I did hours of due diligence on this, and in the end, it looks like this is the best chance to put the most money possible into your pocket. DISCLOSURE: I am paid a “finder's fee” if you follow my link below and file with them. However, I am adding a bonus to even further help your business. BONUS: Once I know that your paperwork has been filed, I will provide you with up to a 90-minute coaching session to assist your business with any sort of marketing or communications project. That includes writing material for you or whatever would be the best use of my time for you. File with ZERO RISK:
Next Steps: Watch a 5-minute video here and fill out the form below the video. You’ll then have a chance to schedule a consultation with the firm if you have questions, or to go ahead and place your deposit and start gathering your paperwork for them. (Or have your preparer do so.) |