Are you a business owner with w-2 employees? Did you keep your employees on during the Covid19 pandemic. If you had to lay some of, did you keeps some of them? If so, you may qualify for the ERTC, aka Employee Retention Tax Credit or Employee Retention Credit (ERC). You can potentially get up to $26,000 for every single employee you retained during the COVID19 pandemic in 2020 & 2021. The Employee Retention Credit (ERC) has changed since it was first introduced vs where it is now in late 2022. Further, the ERTC is complex. Hence, rather than going it alone, you should seek help with employee the retention credit process. That’s exactly why we wrote this page entitled “Help with Employee Retention Credit, Do This Not that”.

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Here at the TheBroker.Finance we specialize in equipment leasing, working capital, business funding, reverse mortgages and more. At the end of the day, much of our efforts lie in helping businesses get the funding they need to survive and thrive. Since the ERTC is a way to get a quick monetary infusion for your business (yes, it’s a cash infusion and not just a credit on your upcoming taxes), we wanted to be able to assist in respect to that. We are also independent agents for David Allan Capital who specializes in revenue based funding. We are not CPA’s, but we’re we thrilled that DAC has partnered with one of the best CPA firms that specializes in helping businesses not only get the ERTC, but also to ethically maximize what you get. Yes, I said “ethically” and that’s because while you want to max it out, you also don’t want to have a looming audit because you received credits you should not have.

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What Is ERTC / ERC?

The Employee Retention Tax Credit (ERTC) aka Employee Retention Tax Credit is a Payroll Tax Credit that was first introduced due to the COVID 19 Pandemic. It is a payroll tax credit that was created to reward businesses for keeping employees during COVID-19. The ERC was first signed into law in March of 2020 during the beginning of government mandates to stay home (including work). It is part of the CARES Act. The ERC / ERTC was expanded upon later with the Consolidated Appropriations Act in 12/2020 and the American Rescue Plan Act in 06/2021.

Individuals that own businesses can potentially receive a refundable credit up to $5,000 per employee in 2020, and $7,000 per employee, per quarter (excluding the 4th quarter), in 2021 for qualified wages.  All told, this can add up to $26,000 per retained employee.

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Is Your Business Eligible for an Employee Retention Tax Credit / ERTC / ERC?

Your business MAY be eligible for the ERC if you had W2 employees in 2020 and 2021 if any of the following apply to you or your business:

  1. You had a reduction in revenue with your business.
  2. A government mandate somehow impacted your business.
  3. You have a business you started after February 15, 2020.

Again, if just one of these apply to you, you MAY be eligible.

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ERTC Help / ERC Help, Do This, but DON’T do That!!

There is one thing you should do if you any of the 3 items above apply to you. Here they are”

  1. Have a professional help you. Get ERTC help!. Even if you have a CPA, they may not be as up to speed as CPA firms that specialize in the ERTC. The ERC is new and continues to change. You’d be best served having a specialist do this for you. It can help you maximize your credit ethically so you don’t get hammered in an audit later. Also, I heard of an instance where a company believed based on their CPA’s insight that they could not get an ERC. When the ERC Pros took a look, they ended up getting a credit of about $1,400,000. Remember, this is not just a credit that you get when you do your tax returns. It comes in the form of cold, hard cash.

There are a couple of things you should definitely NOT do when it comes to getting the ERC / ERTC. Here they are:

  1. Like we already discussed, don’t do it on your own.
  2. DON’T pay an up front retainer fee. CPA firms that specialize in the ERTC help charge a fee. That’s normal. However, many of them take an upfront fee for their ERTC help. DON’T PAY an up front fee. Select a firm that will review your case and accept payment when and if they get you an employee retention credit.
  3. Don’t make assumptions. For example, you may have been told “no” in the past because you took a PPP loan. Initially, you could not have both a PPP loan AND an ERC or ERTC. However, this has changed. As of now, you can get both a PPP loan AND an ERC/ERTC.

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What to do Next to Get Your ERTC Help

As previously mentioned, I’m an independent agent with David Allen Capital. We’ve partnered with the best ERTC help CPA firm there is. DAC did extensive research. Your best course of action would be to fill out a short form and see if you may qualify. Check it our here –> ERCT Help

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