October 3rd, 2023
Claim Your Reward: Navigating the Employee Retention Credit Program
At Wilkinson Law LLC, our mission is to empower business owners with the knowledge and tools they need to thrive in today’s dynamic business landscape. We understand that staying informed is vital, especially when it comes to opportunities that can significantly impact your business’s financial health. That’s why we’re reaching out to our valued clients, many of whom we’ve noticed have not yet taken advantage of the Employee Retention Credit (ERC) program—a valuable resource offered by the IRS to reward employers who retained workers during the pandemic.
Understanding the Employee Retention Credit (ERC) Program
Initiated as a part of the CARES Act in March 2020, the Employee Retention Credit (ERC) was the government’s strategic response to the COVID-19 pandemic. It was designed to motivate employers to maintain their workforce by offering payroll tax credits, covering wages and health insurance costs. Eligible businesses can still stake a claim for the tax credit, with the statute of limitations being three years. In general, the maximum credit for most businesses is $26,000 per eligible W-2 employee. If you were told you did not qualify based solely upon revenue, it may be worth it to take a second look.
The Path to ERC Eligibility
In general, to be eligible, businesses or tax-exempt organizations must have been impacted to some extent by the pandemic in the last three quarters of 2020 or the first three quarters of 2021. The impact does NOT have to be financial. There are experts who can evaluate whether the extent of the impact was sufficient for your company to justify submitting a claim. Such an evaluation should be offered at no cost and no risk.
Understanding the IRS Pause on Processing New ERC Claims
The Employee Retention Credit (ERC) program, established with good intentions, has not been immune to certain challenges. Some unscrupulous individuals have sought to exploit this program by attempting to scam businesses, tarnishing the reputation of a vital economic relief initiative. This underscores the importance of choosing a reliable and reputable source to prepare your ERC claim, ensuring compliance and integrity in the process.
In response to the growing number of scams, the IRS issued a moratorium dated September 14, 2023 through December 31, 2023. While the IRS will still accept new claims during this period, they will not actively process them. This action seeks to weed out bad actors to protect the integrity of the ERC program and to ensure that the claims of deserving businesses are processed more quickly.
We are using Carrier-Robins to process our ERC claim. We chose them because they are affiliated with one of our business consultants that we have come to know, like and trust over the past two years. They stand by their work and even jointly sign the submittals to the IRS. They have processed over 6,000 claims for over $2B. They rely on referrals rather than ads by offering a small amount of compensation to referral partners like our firm. We also personally know many of the lawyers they use to evaluate documents and to interview business owners. To learn more, click our link to Carrier-Robins where you can make an appointment for a free evaluation: https://carrier-robins.com/refer-ff/?r=1518.
We hope this article has been informative and useful for your business. If you have any questions or comments, please contact us at (732) 410-7595 or firstname.lastname@example.org. If you need legal advice specific to your situation, please ask to schedule a consultation with an attorney to discuss your company’s goals.
This article is for informational purposes only and should not be relied upon as tax or legal advice. Please consult professionals for advice tailored to your specific situation. The author and publisher assume no responsibility for any errors or omissions or for any actions taken based on the information presented.
Categories: Important Legal News