February 15, 2023 at 22:20
ERTC GOV, which is a part of the largest ERTC firm in the nation, which have serviced substantially much more than 12,000 small businesses in filing employee retention tax credit (ERTC) claims, wants to emphasize that their claims process is better than the way other firms do it, who simply use software to compute their client’s claims. Which means most firms using software, will calculate smaller size ERTC claims for their clients.
ERTC GOV uses real-live CPAs in their "Power of 3" multiple CPA review process. Which means their client's claims are much more audit-proof and the size of claims are much higher than the industry average.
Their process begins with a simple form that asks four questions about the business to assess preliminary qualification. After the preliminary qualifications, ERTC GOV provides live CPA review and calculations. They focus on all the complex aspects of the ERTC claim that provide bigger amounts for their clients, rather than the limited one-size-fits-all software method of claims processing. They want to emphasize this because many business owners don’t realize the impact of the process of making a claim and simply go to the first company after listening to a radio ad.
Mark Sullivan, a spokesperson for ERTC GOV says, “We're the company other ERTC firms come to help fulfill working on their claims for them. There's limited knowledge out there and there's a reason we've processed over 12,000 claims.”
The ERTC is administered by the IRS and has been made possible by the Coronavirus Aid, Relief, and Economic Security Act (also called the CARES Act). The CARES Act includes two programs for encouraging businesses to retain their employees despite the financial difficulties they have experienced during the pandemic. These are the Payroll Protection Program (PPP) administered by the Small Business Administration and the ERTC. PPP funds are distributed based on 2 and a half months of payroll and a minimum of 80 percent of the funds must be used for payroll to allow the company to be eligible for forgiveness. In addition, the PPP funds are not taxable as revenue and the business may still take deductions for the payroll covered by PPP. On the other hand, ERTC tax credits are credits or refunds for a percentage of payroll in each quarter that the business qualifies. Eligibility must be determined each quarter using specific rules, which also limit the amount of dollars that can be claimed for each employee on the payroll.
It is important to note that even those businesses that have already received PPP funds can also get ERTC. Initially with the CARES Act, employers were given the choice of applying for PPP or claiming ERTC credits, but not both. And because PPP was more advantageous for most businesses, most businesses with less than 500 employees opted to get the forgivable PPP funds. However, the American Rescue Plan Act of 2021 was signed into law on March 11, 2021, and provided many changes and expansions to the stimulus programs provided by the CARES Act. This enabled businesses, which have already received PPP funds, to now also claim ERTC credits. And businesses that qualified for the ERTC credits can claim retroactively.
And the new law has also extended the ERTC credits up to September 30, 2021, with lower qualification criteria. It also increased the per-employee cap on qualifying wages from $10,000 for the whole of 2020 to $10,000 per quarter for the first three quarters of 2021. And the refundable tax credit amount was increased from 50 percent of qualifying wages in 2020 to 70 percent in 2021.
Filing a claim for the ERTC is done by using the Form 941 Employer Quarterly Tax Filing. And for the previous quarters, businesses can file an amended form, which is Form 941-X, to decrease the current quarter’s tax contribution and request a refund of excess credits.
It is important to note that ERTC GOV is not a government agency and that there are no government agencies processing ERTC directly for small businesses. ERTC GOV is an agent of the biggest ERTC company in the US and it is a third-party firm that provides assistance to its clients with ERTC filing services.
Those who are interested in knowing more about filing an ERTC claim can check out the ERTC GOV website or contact them on the phone or through email.
For more information about ERTC GOV, contact the company here:
1950 Greyhound Pass #118-19
Carmel, IN 46033