We were not an essential business, so will we qualify? Answer: Yes, you may still qualify even though you are not an essential business. Talking to our Tax Specialist team will help you determine your qualification status.
I made a profit during the pandemic, so do I still qualify? Answer: Congrats on making a profit during the pandemic! Yes, you may still qualify for ERC. Talking to our Tax Specialist team will help you determine your qualification status.
We did not shut down our business. Will we qualify? Answer: That is no problem at all. As long as we can demonstrate that you had some major disturbances to your business operations, then you may still qualify for the ERC.
I took a PPP loan. Do I still qualify? Answer: Taking a PPP loan does not disqualify you from ERC. This will factor into your rate of refund, and you may still qualify for the program.
Can nonprofits qualify for the ERC? Answer: Yes! Nonprofits are great for ERC as long as they meet the requirements. Talking to our Tax Specialist team will help you determine your qualification status.
Some of my employees are full-time, and others are part-time. How do you calculate the total employees I have? Answer: That is OK. ERC is based on full-time W-2 employees, so our Tax Specialist team will be able to calculate what your full qualifying wages will be.
Do my 1099 contracts count as employees? Answer: No. 1099 contractors do not count for ERC. Only W-2 employees count for this refund.
How much money will I get back from ERC? Answer: The maximum refund amount through ERC is $26K per employee, but we do not like to tell people to expect that much of a refund. Talking to our Tax Specialist team will help you determine your qualification status and the total amount of the refund.
I had to close down my business permanently during the pandemic. Will I receive a refund? Answer: Possibly. Talking to our Tax Specialist team will help you determine your qualification status.
My business operates in multiple states. Do I get help with all the paperwork? Answer: Absolutely! Businesses that operate in multiple states do require a lot of tax law and additional paperwork, but that is why we are here!
Can I have my CPA on the phone with the tax specialist? Answer: Absolutely! We encourage businesses to bring their CPA onto the phone call with our Tax Specialist team so you feel comfortable with the entire ERC program.
How long does it take to get my ERC money refunded? Answer: Amending your past 941 quarterly payroll tax forms will get your refund returned to you within 4-5 months. This is how long it is taking the government to process the amendments. Your 2021 Q3 and Q4 refunds will be returned to you within 30 days of filing your 941 quarterly payroll tax forms.
Is this taxable income I am getting back in the refund? Answer: Yes. The ERC is considered taxable income for your business. We suggest you consult your CPA about this income you will be receiving. And remember, you can pay your new taxes out of this windfall of cash, and you will still have more now by taking advantage of this great CARES Act program!
Do I need to repay this ERC to the government in the future? Answer: No. The ERC is not a loan. It is a refund covered under the CARES Act to help business owners through the pandemic.
I have over 500 employees. Can my business still qualify for ERC? Answer: Yes, you may still qualify, yet there are different requirements to discuss. Talking to our Tax Specialist team will help you determine your qualification status.
What paperwork is required to see if I qualify for ERC? Answer: The paperwork required for ERC may include income statements, payroll hours, and your past 941 quarterly payroll tax forms. The Tax Specialist team will walk you through those requirements when you speak with them on a call.
How muchdo you charge me if I do not get any money back through ERC? Answer: ZERO! We only get paid when you get paid, so if you never receive a refund, you will never get a bill from us.
I have ownership in another business. Can we see if that will qualify for ERC as well? Answer: Absolutely! Talking to our Tax Specialist team will help you determine your qualification status on all of your businesses.
I have multiple locations for my business. Is ERC based on a single business entity or the EIN for the business? Answer: The ERC is based on EINs for the business.
