01. Initial Consultation
The first step is your initial consultation to determine if your business qualifies. During the consultation, we will give you a list of documents and items that you will need to send back to us. For your convenience, we provide a secure upload portal for you to upload the required payroll documentation and PPP information.
02. Review Documentation
Once we have the required documents, one of our expert advisors will conduct a no cost analysis to determine all the available credits your business qualifies for. Your advisor will review your documentation to maximize your credit with the IRS and advise on all options, confirm your eligibility and begin the process to secure your funding.
03. Processing Your Claim
If you choose to move forward, you would sign our agreement and select your desired payment option so we can submit your revised 941 forms to the IRS and start your claim. The entire process typically takes 4-6 months from start to finish.
04. Receive Your Funds
Once the claim is filed, refunds will be released based according to the IRS’s availability schedule. Currently, the IRS has stipulated a 20 week minimum turnaround for ERTC refunds. Once step 3 is complete, your funds will be released in the form of a check from the IRS.
Relatively few small businesses aided by COVID tax relief
Small business owners have been hampered by complicated tax forms and processes that kept them from claiming pandemic-related tax credits and payroll tax deferrals, according to a new government report. Only up to 7% of small business owners were able to claim the tax relief, and they fell mainly within specific racial, ethnic and gender groups.
Inflation Reduction Act potentially doubles R&D tax credit
The Inflation Reduction Act that President Biden signed into law this week has a lesser known provision that could benefit many small business startups, allowing them to potentially double the amount they can claim on the research and development tax credit from $250,000 to $500,000 per year against payroll taxes.
Ranking Property Taxes On The 2020 State Business Tax Climate Index
Today’s map shows states’ rankings on the property tax component of the 2020 State Business Tax Climate Index. The Index’s property tax component evaluates state and local taxes on real and personal property, net worth, and asset transfers. The property tax component accounts for 16.6 percent of each state’s overall Index score.
info@ercin4weeks.com