GET THE FUNDS YOUR BUSINESS NEEDS
"We were resolving about 20,000 of these Employee Retention Credits a week and using overtime and any downtime where the phones aren't up, moving people to do it. Like every resource, it's an all-hands-on-deck situation post this filing season. Now that we can reset the staff, I think we can maybe double per week the amount of refund of credits that we're processing. So, that's the action that we're taking."
TOP NOTCH ERC makes the process simple and straightforward
**This calculator provides an estimate of the ERC your business may be eligible for based on information that you’ve provided. It assumes your business meets the eligibility criteria for the period(s) in question. It should not be relied upon or used for any other purpose, including applying for the ERC or amending tax returns. Furthermore, it doesn’t fully account for overlap with other tax credits or COVID-19 relief measures, such as the Paycheck Protection Program (PPP), paid leave credits established by the Families First Coronavirus Response Act (FFCRA), the Work Opportunity Tax Credit (WOTC), etc. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice, or as an opinion provided by Top Notch ERC.
The Employee Retention Credit was developed to encourage employers to retain their existing employees throughout 2020 and into 2021. Eligible businesses can receive a refund of up to $5,000 per employee for all of 2020 and up to $7,000 per employee for each quarter of 2021. That’s a total refund of up to $26,000 per employee.
Our proprietary software and professional team of CPAs and accountants have assisted hundreds of businesses retain millions of dollars in stimulus funding
Dedicated To ERC
No need to be the guinea pig for your CPA. We average 10-20% more funding than a CPA not familiar with the program.
ERC Program Specialists
Our team strictly focuses on ERC allowing us to be the experts and resulting in more funding for your business.
Audit Protection Included
If you get audited, we will supply all criteria and assist in responding to the IRS.
Lightning Fast Results
Our streamlined process allow for faster results, which mean faster funding.
We evaluate your claim in every way possible to ensure we maximize your credit.
Although our process is quick and painless, when you have questions we have answers with a dedicated team of ERC support specialists.
No. This is not a loan. It’s a refundable tax credit. When we file your ERC claim, we request a refund check for you.
This is not a lending program – tax refunds are issued by the US Treasury. Therefore, all eligible employers will receive the funds.
Yes! There are two possible qualifications for 2020: revenue reduction, or a “full or partial shutdown of your business due to COVID-19”. Specifically, the IRS describes this as “A government authority requires partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings.” Below are several examples of qualifying events:
Example 1: A restaurant must close or limit its on-site dining. Such as having to close down every other table, due to COVID-19 restrictions.
Example 2: A business that needs to meet with clients in person and has to cancel meetings due to COVID-19 restrictions.
Example 3: A business has to reduce their operating hours because of COVID-19 restrictions and cleaning requirements.
Example 4: A business had delayed production timelines caused by supply chain disruptions.
Example 5: A business with a planned event has to cancel that event, or restrict the number of people who can attend due to COVID-19 restrictions.
Yes. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, modified the ERC credit rules. One of the modifications included allowing a company to have a PPP loan and still take advantage of the ERC credit. However, you can’t use the same dollar for dollar funds. We take this into account when processing your ERC credit.
The ERC credit is not considered income for federal income tax purposes, but you must reduce any deductible wage expenses by the amount of the credit. Please provide the credit information to your CPA for tax purposes.
No, if you are the majority owner (over 50%) of your company, then your wages do not qualify.
Maybe. Wages of owners who have majority ownership, defined as over 50%, do not qualify, nor do the W2 wages of any immediate family members of the owner. In the case an owner has less than 50% ownership, their W2 wages qualify, as do the W2 wages paid to immediate family members.
The challenge is the ERC credit is taken on your payroll returns and not through your business income tax returns, which is what most CPA’s handle. Because of this, most CPA’s don’t process this credit, unless they process your payroll in house. This is also a big reason why this credit is so underutilized. Since CPA’s don’t typically handle it, and they are the tax experts, it has mostly fallen in a middle ground where few can effectively process the credit. Interestingly, we receive a large portion of our clients from CPA’s.
We have decades of payroll experience, which has allowed us to specifically focus on understanding and maximizing the ERC program. In our experience, we have found that due to the complexity (the ERC tax code is over 200 pages) and time investment necessary to understand the ERC program, very few can effectively maximize this sizeable credit for your business.
TOP Notch ERC, LLC DOES NOT provide any legal or accounting advice, and users of this website should consult with their own lawyer and C.P.A. for legal and accounting advice.
© Copyright 2023