Learn More About Getting More Funds For My Business In Chicago and Finding The Right Firm To Help You File Your Claim In Chicago

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ERTC EXPRESS has helped many businesses this year and last year get their tax credits back, is it a complex process, not really but you have to know what you are doing. We have filed claims with no errors for the companies that we helped, an error could cost you a delay and time is running out, fill the simple form on our website now.

Key Facts and History about the ERTC

The ERC is available for all four quarters in 2021. The maximum tax credit has been raised to $7,000 per quarter and the threshold for qualifying business disruption has been lowered so that a business can be eligible for $28,000 maximum for the entire year if it has a 20% drop in gross receipts.

Employers who were paid under these programs between April 1, 2020 and December 31, 2020 are eligible to claim the tax credit on their payroll taxes. If the credit amount exceeds the employer's share of employment taxes, the credit is paid back directly to the company.

If you are a business that provided paid leave to employees in 2020, but have not claimed the credit yet, you can amend your payroll tax forms to claim credit and get your tax refund.

The law does not require businesses with less than 500 employees to offer paid time off as part of its continuing COVID-relief efforts. However, if the business offers paid leave to its employees it can claim the dollar-for-dollar tax credits. These tax credits are available for wages paid up to September 30, 2021. These credits are available on a quarterly basis and can be used to offset payroll taxes.

The end date for the Employee Retention Credit (ERTC), retroactively modified to September 30, 2021 by the signing of the Infrastructure Investment and Jobs Act, was Nov. 15, 2021. Recovery Startup Businesses were still eligible to continue to pay qualified wages until Dec. 31, 2021 in order to claim the credit.

The program's end does not affect a company's ability to retroactively claim ERTC. Businesses have three years to look back to see if the wages paid after March 12, 2020, the program's sunset date, are eligible. Paychex has created an ERTC Service.

The ERTC credit is a refundable credit that can be claimed by businesses on qualified wages paid to employees, as well as certain health insurance costs.

Employers who are eligible, and borrowers who took out a loan under the initial PSP, can claim the credit against 50% of the qualified wages paid. This is up to $10,000 per year for wages paid between March 13, 2020, and December 31, 2020.

Employers that qualify, which includes PPP recipients, may claim credit for 70% of the qualified wages they pay. The credit amount is now $10,000 per quarter per employee for the first two quarters 2021.

Credit remains at 70% of qualified wages, with a limit of $10,000 per quarter. This leaves a maximum of $7,000 per quarter per employee. An employer could therefore claim $7,000 per employee per quarter or up to $21,000 per year for 2021. The passage of the Infrastructure Investment and Jobs Act has changed the expiration date for the program to Sept. 30, 2021. ERTC is still available to Recovery Startup Businesses until the end of the calendar year. A Recovery Startup Business is a business that was established after February 15, 2020, and had an average gross receipts of $1 million. They may be eligible for a credit up to $50,000 for the third or fourth quarters 2021.

The credit is available to most employers, including hospitals, colleges, universities and 501(c), organizations, following the American Rescue Plan Act's enactment. The Consolidated Appropriations Act previously expanded eligibility to include all businesses that took out loans under the Paycheck Protection Program, including those who borrowed from the initial round PPP.

Eligible employers are required to apply for one of the following factors in order to be qualified:

The credit cannot be taken for wages that are not forgiven, or expected to forgive under PPP.

The IRS offers several methods of calculating qualified health expenses depending on the circumstances. They include the pretax portion of both the employer and employee and do not include any after-tax amounts.

Employers must first determine how many full-time employees are needed to determine the eligible wages.

A full-time employee, for the purposes of the employee retention credit is one who worked at least 30 or 130 hours per week in any calendar month in 2019. This is the monthly equivalent to 30 hours per semaine and is based on the ACA's employer shared responsibility provision.

Employee Retention Credit -- December 27, 2020's Taxpayer Certainty & Disaster Tax Relief Act of 2020 amended the employee retention credit and made it available to certain advance payments of tax credits under section 2301 of CARES Act. It was extended until June 30, 2021. The American Rescue Plan Act was enacted March 11, 2020. It added section 3134 (as well as certain advance payments of tax credits) to the Internal Revenue Code. For guidance on the employee credit for calendar quarters 2020-2021, 2021-23PDF and Notice 2021-50PDF, see Revenue Procedure 2021-30PDF. 

. Note: For the employee retention credit, the calculation of the full-time equivalent employee (FTE), is not the same as the calculation for the PPP forgiveness. Do not give your clients the PPP Forgiveness FTE information if you are an accountant. Remember that clients who have taken or will be forgiven for PPP loans may be eligible for the employee retention credit for certain wages.

Employers with more than 100 employees cannot use qualified wages for employees who are not performing services due to a suspension or decline in business. Qualified wages for larger employers cannot include wages that were paid for vacations, sick, or any other day off according to the employer's current policy. Employers cannot use this credit for employees who aren't working.

Employers who have 100 or fewer full time employees can use all wages of their employees, including those working and any time not being at work. The exception is paid leave under the Families First Coronavirus Response Act.

This law allows the credit to be applied to all qualified wages of employees, not just those that are not providing services. Employers whose gross receipts for the quarter are less that 10% of their comparable quarter in 2019 and 2020 are considered to be the hardest-hit businesses. For businesses that aren’t Recovery Startup Businesses, this applies only to the third quarter 2021.

The American Rescue Plan Act extends the employee retention credit that was enacted last year in the CARES Act. Eligible employers can claim credit for employees receiving qualified wages through the credit. The credit is extended through 2021 by the new COVID relief law, which expands the eligibility of eligible employers.

There are many companies that are promoting ERTC EXPRESS CLAIMS, but there is only one company called ERTC EXPRESS. American Business Consulting has partnered with ERTC EXPRESS to get the message out to as many American Businesses, we want you to apply for the free money. You can do anything you want with this money. At this time, many businesses are struggling to get their customers back and restock after the COVID shutdowns, it's time to rebuild our economy, get the money you deserve to help rebuild. 

 

What Is ERTC and Who Is It For?

All US businesses potentially qualify if you suffered losses during the COVID Shut-downs.

Businesses that paid employees during the period from April 1, 2020 through December 31, 2020 can take the tax credit against their payroll taxes. If the amount of the credit exceeds a business’s portion of its employment taxes, then the excess is refunded – paid – directly back to the business.

If your business provided paid leave to employees in 2020 and you have not yet claimed the credit, you can file amended payroll tax forms to claim the credit and receive your tax refund. 

Who Can Submit This For My Business?

ERTC EXPRESS has the experience of filing many successful claims, many businesses have already received their Tax Credits back from the US Government. This is free money that you can do what you want, use it for your business if you are in the process of recovery.