Ready to Get Started?
Please give us a call or fill out our contact form and a member of our friendly team will be in touch.
We’re ready to help you today!
The ERC is a refundable tax credit that businesses can claim on qualified wages paid to employees, along with certain health care costs, in an effort to keep companies from laying off workers as the pandemic began.
While it was initially offered as an alternative to loans through the Paycheck Protection Program (PPP), more recent legislation has made it available to many more businesses. Future Systems, Inc. has already helped numerous companies claim a combined total of more than $9M through the ERC, and your business might still be eligible, too.
In 2020, qualified employers could claim the credit against 50 percent of qualified wages and certain health expenses paid, up to $10,000 per employee per year. Those numbers increased with the passing of the Consolidated Appropriations Act (CCA) in 2021, with qualified employers now allowed to claim a credit against 70% of qualified wages paid, up to $10,000 per employee per quarter, for the first three quarters the year.
A rule change later allowed businesses that had received a PPP loan to also claim the ERC, providing a lifeline to many companies as the pandemic wore on.
The CCA changed that definition, allowing companies with 500 or fewer employees to claim the ERC in 2021 for all qualifying wages, this simplified calculations and opened the door for more companies to receive larger tax credits. That could include yours!
Once qualification has been determined, we will calculate the credits, amend any returns necessary and file for the credits on your behalf. We will do this on a contingency basis with a small down payment for the services, with the remaining amount due once the credit is received by the employer. In return, we will work with you to calculate these credits, amend the appropriate payroll returns and file with the IRS to claim your credit.
You will receive refund checks from the IRS for each quarter filed. We will provide records to you showing the tax credit calculations so you will have a complete audit trail just in case you ever need it. If a PPP loan has already been used and/or forgiven, we will work with you to isolate those funds to ensure you maximize credits without double dipping.
If you are interested in learning more about this program and how Future Systems, Inc. can help your organization or business, please contact us.