The Employee Retention Tax Credit

Get up to $7,000 back per quarter, per employee for your company.
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A representative image of the Employee Retention Tax Credit.

What is the Employee Retention Credit?

Employee Retention Credits were created by Congress to encourage employers to keep their employees on the payroll during the months affected by the coronavirus pandemic
A fully refundable tax credit for a percentage of the qualified wages paid to your employees
Available to all eligible employers of any size that paid qualified wages to their employees during the COVID19 shutdown
Recent changes now allow you to claim up to $7,000 per quarter, per employee!

Who is eligible?

Are you a business that had to partially or fully suspend operations due to COVID-19?
Did your gross receipts have a significant decline by 20% or more in any quarter in 2021 compared to the same quarter in 2019 (or 50% in 2020 compared to 2019)?
Did you start a new business (or new trade within your business) after February 15th, 2020 and have less than $1M in revenue?
If yes to any of the above, you likely qualify!

Employee Retention Tax Credits Calculation Example

You had 10 employees in 2021.
You pay each employee $10,000 in qualified wages during the quarter.
Because you can claim $7,000 per employee per quarter, your Employee Retention credit would be $70,000 ($7,000 X 10 employees).

How it works

Take our preliminary assessment to see if you’re eligible

TaxTaker will determine and calculate your qualifying wages

We’ll provide directions so you can get your money ASAP

What our clients say about us
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"During a casual networking conversation with Ari, she identified that Tack was eligible to receive the ERC credit, which ultimately returned over $100K to my company. The process with Ari and her team was super easy, and she was diligent about staying on top of our refund with the IRS. Thank you so much for your help!"
See if you qualify in 2 minutes or less
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Frequently Asked Questions

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What types of businesses qualify?

The ERC is available to any employer no matter how big or small. So long as they have the above qualifications.

I’m a Tax-Exempt Employer. Do I Qualify?

Even if you don’t pay taxes, you can still qualify for relief. The purpose of ERC is to reward businesses that kept their doors open and people employed despite the unknown. So long as your business was negatively impacted financially by the COVID-19 pandemic, you most likely qualify.

What are examples of businesses that do NOT qualify?

Only federal, state, and local government entities are ineligible businesses.So good news is, most do! If you’re still unsure - let’s connect and see, just in case. We don’t want you to potentially leave money on the table!

What makes me an Eligible Employer?

- If you are a business that had to partially or fully suspend operations due to COVID-19

- Your business has a 20% or more decline in gross receipts in any quarter in 2021 compared to the same quarter in 2019 (or 50% in 2020 compared to 2019)

- You started a new business (or trade within your business( after February 15th, 2020 and have less than $1M in revenue.

You qualify! Not sure, let’s connect and see if we can help!

What are examples of Qualified Wages?

Qualified wages are compensation provided to employees during an eligible period (including healthcare expenses).  An eligible period is either:

  • the time during which the trade or business is fully or partially suspended by a governmental order, or 
  • for 2020, any calendar quarter during which gross receipts are 50% less than the amount received during the same quarter of 2019; for 2021, any calendar quarter during which gross receipts are 20% less than the same quarter of 2019

When is the deadline for claiming the Employee Retention Tax Credit?

The IRS has extended the ERC support through to 2024. Let’s get moving!

My business received a PPP loan - do I still quality?

Yes! The only caveat there is any wages paid with Paycheck Protection Program (PPP) funds are not considered ‘qualified wages.’ This is just so you are not “double-dipping.”

What is the Recovery Startup Business Credit?

A business qualifies as a Recovery Startup if they meet the following criteria:

  • You started your business on or after February 15, 2020.
  • Your average annual gross receipts don’t exceed $1 million

Why didn’t my CPA or payroll provider help me with this?

We actually wrote a whole blog on how TaxTaker can partner with your CPA to help you. In a nutshell, ERC is a very specific, niche and temporary (yes, it’s going away!) tax credit. Think of it like going to a general practitioner versus a specialist for your healthcare; both partner with you to provide the best outcome possible.

I love my CPA...

That’s great you’ve found someone amazing! TaxTaker are not here to replace your CPA - we are here as a tax specialist to partner with them to make them stronger! In fact, we partner with countless CPAs to help their clients get more money back. Read our blog on our partnership with CPAs for more!

What documentation is needed for ERC?

Depending on which provision a business qualified under, the following documentation might be needed:

  • Copy of any PPP Forgiveness applications
  • 2019 to 2021 quarterly financials
  • Related government shutdown orders
  • Forms 941 (employers quarterly federal tax return)
  • Payroll data for 2020 and/or 2021

Will I get audited? What happens if I do?

Did you know that less than 1% of startups get audited? Don’t let your fear of potentially being audited stand in the way of your business getting back thousands (or tens of thousands) of dollars. Claiming ERC tax credit will not increase your chances of being audited. 

If your business hit the jackpot and you get audited - don’t sweat! First of all, the TaxTaker are experts and we stand behind our quality of work and you have nothing to fear! We are here to support you in any way.

What are your fees?

Working with TaxTaker is risk free! TaxTaker collects a success fee only if you qualify for a tax credit. Our full fee is due upon completion of services.

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