Employee Retention Credit (ERC) Consulting in Chicago, IL
Employee retention credit services help your company with ERC filing services so you can benefit from this pandemic tax break, which can still be applied for 2020 and 2021. Lewis.cpa is a Chicago-based firm that can help individuals and businesses across the nation get as much as $7,000 per employee.Get in Touch Today
What Is the Employee Retention Credit?
Before you rush out to get employee retention credit help, you should know what it is. As you may recall, the federal government took many steps to prop up the economy early in the pandemic, including PPP1, PPP2, the CAA, the CARES Act, and later PPP loan forgiveness. Part of all these COVID-19 relief programs was the employee retention credit.
Susan S. Lewis LTD’s ERC consulting services can help you claim thousands of dollars in deductions against employee or payroll taxes if your business was impacted enough by the pandemic and meets other criteria. Originally, businesses couldn't do this and use PPP loans at the same time, but more recent adjustments to the legislation make it possible to retroactively apply credits to multiple tax years.
How Our Chicago ERC Specialists Can Help
COVID-19 recovery services might not seem necessary now, but you can still receive tax benefits for your business. Our ERC help covers multiple aspects of ERC accounting and ERC help. Count on CPA ERC services for the following:
Need help identifying which employees qualify and how much you can save with each one? Our ERC audit services are perfect for this step in the process.
ERC Filing Support
You don't have to sift through complicated paperwork on your own. Our ERC filing services are here to help your business get the credits but also save time and money on working on this.
ERC Compliance Support
Doing accounting for ERC credits makes sure that your business is in a state of compliance with the appropriate legislation. Take full advantage of the potential credits while avoiding penalties or doing things wrong.
Form 7200 Preparation
The IRS has a specific form you need filled out in full and accurately in order to claim these credits. Let us take care of the details for you.
Reporting ERC for Form 941
Reconciled data is crucial for this form, and it's just another tax document we can help you prepare, revise, and file as needed to stay on the good side of the IRS.
2022-2023 ERC Guidelines
There are very specific guidelines for the ERC that you have to meet in order to qualify for them. We can handle the nitty-gritty details, but a quick overview can help you see if this is worth exploring.
Two specific wage periods are covered by the ERC:
- The 2020 wage period started March 13 of that year until December 31 of the same year.
- The 2021 wage period started January 1 of that year until December 31 of the same year.
Eligibility for either year could have resulted from your business experiencing a partial or full shutdown due to pandemic restrictions and the impact on the economy. For 2020, you could also qualify if your business experienced a loss of gross receipts more than half of what you would have had in a comparable quarter during 2019. For 2021, the decline threshold was only a 20% loss of gross receipts compared to 2019 quarters or possibly 2020 in some situations.
Large Employer Definition
The definition of a large employer was different for each year:
- For 2020, an employer with more than 100 full-time employees in 2019, via the ACA definition, qualified.
- For 2021, an employer would have needed over 500 full-timers in 2019 via the ACA definition.
The amount of credit was different for each year:
- In 2020, the credit was 50% for $10,000 of annual wages.
- In 2021, the credit was 70% for $10,000 of quarterly wages.
The maximum credit was different for each year:
- In 2020, the maximum credit was $5,000 per employee, per year.
- In 2021, the maximum credit was $7,000 per employee on a quarterly basis.
What Businesses Can Benefit from ERC?
Employee retention credit companies who are eligible for ERC land in many different industries, including:
In-person shopping was difficult to impossible in many cases.
Municipal, state, and federal justice departments and courtrooms were shut down for a long time.
Economic uncertainty and lockdown restrictions seriously constrained many charity organizations.
This sector arguably had the hardest time during the height of the early pandemic.
Make the Most of Your Credit
Calculate how much you can get back, fill out the forms, and enjoy the maximum return. Contact us for help with every step of this process.Contact us
Chicago ERC Specialists Serving Nationwide
Lewis CPA accountants have a lot of useful experience in the Chicago, IL, area, but we can also serve clients across the nation.
Why Choose Our ERC CPA Firm?
Our professional and certified experts are some of the best in the business, and they can help your company in many different ways.
Employee Retention Credit Taxes FAQ
Given the unique nature of this tax credit, it's understandable if you have questions. You're far from the first.
How much do accountants charge for ERC?
Call us for a specific quote for your situation. Most accountants charge a commission of 20% to 30% on the total tax credit available.
How long does it take to get an ERC refund?
Once the IRS receives the amended forms required for this credit, the refund usually takes nine months to get to you.
Do you have to pay back the ERC credit?
No. This is a totally refundable tax credit against employee taxes in qualifying situations. The credit is permanent and never has to be repaid, as it is not a loan.
Don't Lose Your Benefit
While you can file this retroactively for 2020 and 2021, you might not be able to do it forever. Contact us right away to learn how you might get back $26,000 per qualifying employee!