Fountainhead PPP Loan Forgiveness – 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. Fountainhead PPP Loan Forgiveness. Do you qualify for 50% refundable tax credit? ERC program under the CARES Act encourages businesses to keep employees on their payroll.

About The ERC Program
What is the Employee Retention Credit (ERC)? Fountainhead PPP Loan Forgiveness

ERC is a stimulus program made to assist those organizations that were able to maintain their workers throughout the Covid-19 pandemic.

 

https://www.youtube.com/watch?v=h2ZwRN1GQVI

 

Developed by the CARES Act, it is a refundable tax credit– a grant, not a loan– that you can claim for your business. Fountainhead PPP loan forgiveness. The ERC is readily available to both little and also mid sized organizations. It is based upon qualified earnings as well as healthcare paid to staff members

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Up to $26,000 per  worker
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 Readily available for 2020 and the  very first 3 quarters of 2021
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Qualify with  reduced  earnings or COVID event
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No  restriction on funding
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ERC is a refundable tax credit.

How much cash can you come back? Fountainhead PPP Loan Forgiveness

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

 Exactly how do you  understand if your business is  qualified?
To Qualify, your business must have been  adversely  influenced in either of the  complying with ways:
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A  federal government authority  needed partial or full  closure of your business during 2020 or 2021. Fountainhead PPP loan forgiveness.  This includes your operations being restricted by commerce, inability to take a trip or restrictions of group conferences
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Gross  invoice reduction  standards is different for 2020  and also 2021, but is  determined against the  present quarter as  contrasted to 2019 pre-COVID  quantities
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A business can be eligible for one quarter  and also not  an additional
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 Originally, under the CARES Act of 2020, businesses were  unable to qualify for the ERC if they  had actually already  gotten a Paycheck Protection Program (PPP) loan.  Fountainhead PPP loan forgiveness.  With new regulations in 2021, companies are currently qualified for both programs. The ERC, though, can not put on the very same earnings as the ones for PPP.

Why  United States?
The ERC  went through several changes and has  numerous technical details,  consisting of how to  establish  professional  incomes, which  staff members are eligible,  as well as  extra. Fountainhead PPP loan forgiveness.  Your business’ specific situation might require more intensive review and also analysis. The program is complicated and also might leave you with many unanswered inquiries.

 

 

We can  aid  understand it all. Fountainhead PPP loan forgiveness.  Our committed specialists will assist you as well as outline the steps you need to take so you can take full advantage of the case for your business.

GET QUALIFIED.

Our  solutions  consist of:
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 Comprehensive  examination  concerning your  qualification
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 Thorough  evaluation of your claim
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 Advice on the claiming process and  documents
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 Particular program  proficiency that a  normal CPA or  pay-roll  cpu  may not be  fluent in
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Fast  as well as smooth end-to-end process, from eligibility to claiming  and also receiving  reimbursements.

 Devoted specialists that  will certainly  translate  very complex program  guidelines and will be available to  address your questions,  consisting of:

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How does the PPP loan  element  right into the ERC?
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What are the  distinctions  in between the 2020 and 2021 programs  as well as how does it  relate to your business?
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What are  gathering  guidelines for  bigger, multi-state employers, and  exactly how do I interpret  several states’  exec orders?
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Exactly how do part time, Union, as well as tipped employees influence the amount of my refunds?

 Prepared To Get Started? It’s Simple.

1. We  figure out whether your business qualifies for the ERC.
2. We  assess your  insurance claim  as well as compute the  optimum amount you can  get.
3. Our team  overviews you  with the claiming process, from  starting to  finish,  consisting of  correct documentation.

DO YOU QUALIFY?
 Respond to a  couple of  straightforward  concerns.

 TIMETABLE A CALL.
Frequently Asked Questions (FAQs).

What period does the program cover?
The program began on March 13th, 2020 as well as ends on September 30, 2021, for eligible employers. Fountainhead PPP loan forgiveness.
You can  request refunds for 2020 and 2021 after December 31st of this year, into 2022 and 2023.  And also  possibly  past then  as well.

We have clients that received refunds just, as well as others that, along with reimbursements, additionally qualified to proceed getting ERC in every payroll they refine with December 31, 2021, at regarding 30% of their payroll cost.

We have customers who have actually obtained refunds from $100,000 to $6 million. Fountainhead PPP loan forgiveness.
Do we still Qualify if we  currently took the PPP?
Do we still Qualify if we did not  sustain a 20% decline in gross  invoices?
Do we still Qualify if we  stayed open  throughout the pandemic?

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

Qualified businesses that experienced a decline in gross receipts or were closed due to government order and also didn’t claim the credit when they submitted their initial return can capitalize by submitting adjusted work income tax return. As an example, companies that file quarterly employment tax returns can submit Form 941 X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for RefundPDF, to claim the credit for previous 2020 and also 2021 quarters. Fountainhead PPP loan forgiveness.

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

 

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

When the Covid 19 pandemic started, and also organizations were forced to shut down their operations, Congress passed programs to give economic support to firms. Among these programs was the employee retention credit ( ERC).

The ERC offers qualified employers payroll tax credit histories for incomes and also medical insurance paid to employees. Nevertheless, when the Infrastructure Investment and also Jobs Act was authorized into law in November 2021, it put an end to the ERC program.

 In spite of  completion of the program,  companies still have the  possibility to  insurance claim ERC for  approximately three years retroactively. Fountainhead PPP loan forgiveness.  Here is an review of exactly how the program jobs as well as how to claim this credit for your business.

 

What Is The ERC?

Originally  offered from March 13, 2020, through December 31, 2020, the ERC is a refundable  pay-roll tax credit  produced as part of the CARAR 0.0% ES Act. Fountainhead PPP loan forgiveness.  The purpose of the ERC was to encourage companies to maintain their staff members on payroll throughout the pandemic.

Qualifying employers and  consumers that took out a Paycheck Protection Program loan  can claim  as much as 50% of qualified  salaries,  consisting of eligible health insurance  expenditures. The Consolidated Appropriations Act (CAA) expanded the ERC.  Companies that qualified in 2021 can claim a credit of 70% in qualified  salaries.

 

 That Is Eligible For The ERC?

Whether you get the ERC depends on the moment period you’re getting. To be qualified for 2020, you need to have actually run a business or tax exempt organization that was partially or fully closed down as a result of Covid-19. Fountainhead PPP loan forgiveness.  You likewise require to reveal that you experienced a considerable decrease in sales– less than 50% of comparable gross invoices compared to 2019.

If you’re  attempting to  get 2021, you must  reveal that you experienced a decline in gross  invoices by 80% compared to the  exact same time period in 2019. If you weren’t in business in 2019, you can compare your gross receipts to 2020.

The CARES Act does ban independent individuals from claiming the ERC for their very own salaries. Fountainhead PPP loan forgiveness.  You also can not claim wages for particular people who belong to you, yet you can claim the credit for incomes paid to staff members.

 

What Are Qualified Wages?

What counts as qualified  salaries  relies on the size of your business  as well as  the number of employees you have on staff. There’s no  dimension  limitation to be  qualified for the ERC,  yet small and large  business are  discriminated.

For 2020, if you had greater than 100 full time workers in 2019, you can just claim the earnings of staff members you kept but were not working. If you have fewer than 100 employees, you can claim everybody, whether they were functioning or not.

For 2021, the limit was elevated to having 500 permanent workers in 2019, giving companies a whole lot much more flexibility regarding that they can claim for the credit. Fountainhead PPP loan forgiveness.  Any kind of incomes that are subject to FICA taxes Qualify, as well as you can include qualified health costs when computing the tax credit.

This earnings should have been paid in between March 13, 2020, and also September 30, 2021. Nevertheless, recoverystartup companies have to claim the credit via completion of 2021.

 

 Exactly how To Claim The Tax Credit.

Even though the program  finished in 2021, businesses still have time to claim the ERC. Fountainhead PPP loan forgiveness.  When you submit your federal tax returns, you’ll claim this tax credit by filling in Form 941.

Some organizations, particularly those that got a Paycheck Protection Program loan in 2020, incorrectly thought they really did not get approved for the ERC. Fountainhead PPP loan forgiveness.  If you’ve currently filed your income tax return and now understand you are eligible for the ERC, you can retroactively use by filling out the Adjusted Employer’s Quarterly Federal Tax Return (941-X).

 Considering that the tax  regulations around the ERC  have actually changed, it can make  figuring out  qualification  perplexing for  lots of  local business owner. It’s  additionally  challenging to figure out which  salaries Qualify  as well as which  do not. The process gets even harder if you  possess  numerous  companies. Fountainhead PPP loan forgiveness.  And if you submit the IRS forms improperly, this can delay the whole procedure.

Fountainhead PPP loan forgiveness.  GovernmentAid, a department of Bottom Line Concepts, helps clients with numerous forms of economic relief, specifically, the Employee Retention Credit Program.

 

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    Fountainhead PPP Loan Forgiveness