Employee Retention Credit FAQ

ERC FAQs – These are the most frequently asked questions about the ERC we get from our clients. 

The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000. (From IRS.gov)

YES!

See more details at the IRS website, this is legit and the money WILL run out! 

https://www.irs.gov/coronavirus/employee-retention-credit

ERC Recovery Now is brought to you by My Franchise CPAs. We are a full service CPA firm and can assist you with tax planning and more, we are here for YOU, the worker, and will never endorse anything that is not legit!

We charge a flat fee, no big percentages like other ERC companies! If you get a check for $50k or $1m our fee is the same. We will discuss this in our initial call if you meet all of the the qualifications of the program.

We start as soon as you book a time! The process starts now so book a time and let’s get you a check!

The IRS is backlogged, which can cause delays in the timing of your funding. It could take several months to receive your funds.

One of our founders, Jason Yeaman, or John Mollica, from My Franchise CPAs.

Businesses who paid under 500 employees (full time equivalents) in 2019 AND If during COVID the company had partial or total business closure due to federal, state or local COVID order OR more than 20% reduced gross revenue as compared to the same quarter in 2019. (NOTE: You do compare 2021 revenue to 2019 revenue still. Think of it as comparing pre-covid numbers to during-covid numbers.)

Absolutely!

Please discuss this with your spouse or business partner before we talk.

We move quickly and want to get you paid before the funding runs out!

Yes, businesses who paid under 100 employees (full time equivalents) in 2019 AND If during COVID the company had partial or total business closure due to federal, state or local COVID order OR more than 50% reduced gross revenue as compared to the same quarter in 2019. Businesses then remain eligible until the end of the first quarter where their revenues go back up over 80% compared to the same quarter in 2019. (NOTE: New businesses who do not have 2019 revenue can compare to prior quarters.)
Up to $26k per employee!
Yes, but you will need to subtract the PPP funds that were used for wages for the same time frame you are calculating your ERTC. Payroll Vault can help with these complicated calculations to make sure you can maximize your credits while staying in compliance with your PPP loan forgiveness.