Fountain PPP – Do you qualify? Employee Retention Credit Up To $26,000 Per Employee

Claim up to $26,000 per Employee for the Employee Retention Tax Credit Retroactively until 2024. Fountain PPP. Do you qualify for 50% refundable tax credit? ERC program under the CARES Act encourages businesses to keep employees on their payroll.

 Regarding The ERC Program
What is the Employee Retention Credit (ERC)? Fountain PPP

ERC is a stimulus program designed to assist those companies that were able to keep their staff members throughout the Covid-19 pandemic.

 

 

Developed by the CARES Act, it is a refundable tax credit– a grant, not a loan– that you can claim for your business. Fountain PPP. The ERC is offered to both tiny and also mid sized businesses. It is based upon qualified wages and medical care paid to workers

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Up to $26,000 per  worker
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 Offered for 2020 and the  very first 3 quarters of 2021
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Qualify with decreased  earnings or COVID event
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No  limitation on  financing
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ERC is a refundable tax credit.

Just how much cash can you get back? Fountain PPP

You can claim up to $5,000 per employee for 2020. For 2021, the credit can be approximately $7,000 per staff member per quarter.

 Just how do you  understand if your business is  qualified?
To Qualify, your business  has to have been  adversely impacted in either of the following  methods:
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A  federal government authority  needed partial or full shutdown of your business during 2020 or 2021. Fountain PPP.  This includes your operations being restricted by business, inability to take a trip or restrictions of team conferences
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Gross  invoice reduction  standards is different for 2020  as well as 2021, but is  gauged against the current quarter as  contrasted to 2019 pre-COVID amounts
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A business can be  qualified for one quarter and not another
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 Under the CARES Act of 2020, businesses were not able to Qualify for the ERC if they  had actually already received a Paycheck Protection Program (PPP) loan.  Fountain PPP.  With brand-new legislation in 2021, employers are currently eligible for both programs. The ERC, though, can not apply to the same wages as the ones for PPP.

Why Us?
The ERC  went through several changes  as well as has  numerous technical details,  consisting of  exactly how to  identify  professional wages, which employees are eligible,  as well as  a lot more. Fountain PPP.  Your business’ details situation may require even more intensive review and analysis. The program is intricate and could leave you with numerous unanswered inquiries.

 

 

We can  assist make sense of  everything. Fountain PPP.  Our dedicated specialists will certainly lead you and also lay out the steps you need to take so you can make best use of the case for your business.

 OBTAIN QUALIFIED.

Our services  consist of:
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 Comprehensive evaluation regarding your  qualification
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Comprehensive  evaluation of your  insurance claim
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 Advice on the  asserting process and documentation
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Specific program expertise that a  normal CPA or  pay-roll processor  could not be  skilled in
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 Rapid  and also smooth end-to-end  procedure, from eligibility to  declaring  and also  obtaining refunds.

 Devoted specialists that will  translate highly complex program rules  as well as will be available to answer your  concerns, including:

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How does the PPP loan  aspect into the ERC?
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What are the  distinctions  in between the 2020 and 2021 programs  as well as  just how does it  relate to your business?
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What are aggregation  regulations for larger, multi-state  companies,  and also  exactly how do I  translate multiple states’ executive orders?
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Exactly how do part time, Union, and also tipped workers influence the amount of my reimbursements?

Ready To Get Started? It’s Simple.

1. We  establish whether your business  receives the ERC.
2. We  examine your  insurance claim and  calculate the  optimum  quantity you can  obtain.
3. Our  group guides you through the  asserting process, from  starting to  finish, including  correct documentation.

DO YOU QUALIFY?
Answer a  couple of simple  inquiries.

SCHEDULE A CALL.
Frequently Asked Questions (FAQs).

What period does the program cover?
The program began on March 13th, 2020 and ends on September 30, 2021, for qualified companies. Fountain PPP.
You can  request  reimbursements for 2020  as well as 2021 after December 31st of this year,  right into 2022 and 2023. And  possibly beyond then too.

We have clients that got reimbursements only, and others that, along with reimbursements, additionally qualified to proceed getting ERC in every payroll they process via December 31, 2021, at about 30% of their pay-roll price.

We have clients who have actually received reimbursements from $100,000 to $6 million. Fountain PPP.
Do we still Qualify if we already took the PPP?
Do we still Qualify if we did not incur a 20%  decrease in gross receipts?
Do we still Qualify if we remained open during the pandemic?

The federal government established the Employee Retention Credit (ERC) to  give a refundable employment tax credit to  aid  companies with the cost of  maintaining  personnel  utilized.

Eligible services that experienced a decline in gross receipts or were closed because of federal government order and really did not claim the credit when they submitted their original return can capitalize by submitting adjusted work tax returns. For instance, businesses that submit quarterly employment tax returns can file Form 941 X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for RefundPDF, to claim the credit for previous 2020 as well as 2021 quarters. Fountain PPP.

With the exemption of a recovery start-up business, a lot of taxpayers ended up being disqualified to claim the ERC for wages paid after September 30, 2021. A recovery start-up business can still claim the ERC for salaries paid after June 30, 2021, and also before January 1, 2022.

 

What Is The Employee Retention Credit (ERC), And How Does The Program Work?

When the Covid 19 pandemic began, as well as businesses were required to close down their procedures, Congress passed programs to provide monetary aid to companies. One of these programs was the staff member retention credit ( ERC).

The ERC gives eligible companies payroll tax credit scores for earnings and also medical insurance paid to employees. Nevertheless, when the Infrastructure Investment as well as Jobs Act was authorized into regulation in November 2021, it put an end to the ERC program.

 In spite of  completion of the program,  companies still have the  chance to  insurance claim ERC for  as much as  3 years retroactively. Fountain PPP.  Right here is an summary of just how the program jobs and exactly how to claim this credit for your business.

 

What Is The ERC?

 Initially available from March 13, 2020,  with December 31, 2020, the ERC is a refundable  pay-roll tax credit  produced as part of the CARAR 0.0% ES Act. Fountain PPP.  The objective of the ERC was to encourage companies to maintain their workers on payroll during the pandemic.

Qualifying employers  as well as  consumers that  got a Paycheck Protection Program loan  can claim  approximately 50% of qualified  salaries,  consisting of  qualified  medical insurance  costs. The Consolidated Appropriations Act (CAA)  increased the ERC. Employers that qualified in 2021 can claim a credit of 70% in qualified  salaries.

 

Who Is Eligible For The ERC?

Whether you receive the ERC relies on the time period you’re looking for. To be eligible for 2020, you need to have run a business or tax exempt organization that was partly or completely shut down as a result of Covid-19. Fountain PPP.  You likewise need to reveal that you experienced a substantial decline in sales– less than 50% of similar gross receipts compared to 2019.

If you’re trying to  get approved for 2021, you  should show that you experienced a  decrease in gross  invoices by 80%  contrasted to the  exact same time period in 2019. If you weren’t in business in 2019, you can compare your gross  invoices to 2020.

The CARES Act does restrict independent individuals from asserting the ERC for their own wages. Fountain PPP.  You also can not claim wages for details people who are related to you, however you can claim the credit for salaries paid to workers.

 

What Are Qualified Wages?

What counts as qualified  salaries depends on the  dimension of your business and  the amount of employees you  carry  personnel. There’s no size limit to be  qualified for the ERC,  yet  little  as well as large companies are  discriminated.

For 2020, if you had more than 100 full time staff members in 2019, you can just claim the wages of staff members you kept yet were not working. If you have fewer than 100 workers, you can claim every person, whether they were functioning or not.

For 2021, the limit was elevated to having 500 full time employees in 2019, offering companies a lot a lot more leeway as to who they can claim for the credit. Fountain PPP.  Any type of wages that are based on FICA taxes Qualify, and also you can include qualified health and wellness expenditures when determining the tax credit.

This revenue has to have been paid between March 13, 2020, as well as September 30, 2021. Nevertheless, recoverystartup businesses need to claim the credit via completion of 2021.

 

 Just how To Claim The Tax Credit.

Even though the program  finished in 2021,  services still have time to claim the ERC. Fountain PPP.  When you submit your federal tax returns, you’ll claim this tax credit by submitting Form 941.

Some services, especially those that received a Paycheck Protection Program loan in 2020, wrongly thought they really did not get approved for the ERC. Fountain PPP.  If you’ve currently filed your tax returns and also currently recognize you are qualified for the ERC, you can retroactively use by filling in the Adjusted Employer’s Quarterly Federal Tax Return (941-X).

Since the tax regulations around the ERC have actually altered, it can make figuring out qualification puzzling for many business proprietors. The procedure obtains also harder if you possess multiple companies.

Fountain PPP.  GovernmentAid, a division of Bottom Line Concepts, assists clients with different kinds of financial relief, particularly, the Employee Retention Credit Program.

 

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