Most practice owners are eligible for this credit.
Created under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the Employee Retention Credit (ERC) is designed to bolster businesses that were able to retain their employees during the last few challenging years. If your practice did, chances are good you can claim it.
Here are highlights of the ERC.
- Receive up to $26,000 per employee.
- Receive credit for up to 500 employees.
- There’s no limit on funding. (ERC is not a loan.)
- It’s a refundable tax credit that’s fully-forgiven when received.
To qualify, your practice needs to have experienced decreased revenue, a COVID event, a partial or full shutdown, or a supply chain disruption.
- It’s available for 2020 and 2021 (quarters 1-3).
The amount of information surrounding ERC is overwhelming.
Due to its extremely complex tax code and confusing qualifications, this fully-forgiven tax refund is severely underutilized.
ERC Specialists makes it simple and quick for you to file.
ERC Specialists is a specialty tax service exclusively dedicated to simplifying the complex process and helping practice owners maximize their credit. And it won’t cost you much!
There’s no fee until the refund is collected from the Treasury.
At the time you receive the refund, 15% will be put into escrow. The rest is yours.