Taxation

CFO, Analytical & Business Advisory Services

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Others- ERTC

ERTC(Employee Retention Tax Credit) - USA

Global FPO understands that your financial resources are critical to your business's success. We specialize in helping companies like yours make the most of government tax credits and incentives, particularly the Employee Retention Credit (ERC).

We offer expert guidance to navigate the complex world of tax credits and incentives, tailoring our services to your specific needs and helping you maximize your company's potential. Our goal is to ensure you fully benefit from the ERC program to boost employee retention and your overall financial well-being.

What is Employee Retention Tax Credit?

The Employee Retention Tax Credit (ERC), authorized under the CARES Act, was designed to encourage businesses to keep their employees during the COVID-19 pandemic.

The Employee Retention Credit is a reimbursable tax credit designed to motivate businesses to continue compensating their workforce throughout governmental shutdowns necessitated by the Covid-19 pandemic.
Under the 2020 ERC Program, a refundable tax credit of 50% is available for wages paid to each employee, up to $10,000, covering the period from 3/12/20 to 12/31/20, applicable to qualifying employers. This equates to a potential of up to $5,000 per employee.
The 2021 ERC Program has been elevated to 70% of up to $10,000 in wages paid per employee per quarter for the initial three quarters of 2021. Consequently, this translates to a potential of up to $21,000 per employee.

Are you eligible for the Employee Retention Credit?

The ERC extends to any private-sector business or tax-exempt organization encountering either of these scenarios:

Faced a complete or partial operational suspension: Business operations were partially or entirely suspended due to mandates from the federal or state government, restricting commerce, travel, or gatherings due to COVID-19.

Sustained a considerable decline in gross receipts: Any quarter in comparison to the corresponding quarter in 2019, showcasing a 50% decrease in any quarter during 2020 and a 20% decline in 2021.

Qualifies as a Recovery Startup Business: A business that initiated operations after February 15, 2020, with average annual gross receipts below $1,000,000, and doesn't meet the preceding two criteria.

Engage with Our Proficient Employee Retention Credit Specialists.

Secure Your Complimentary Assessment to Ascertain Your Eligibility Today.

Queries regarding Employee Retention Tax Credits?

Our dynamic team of specialists is poised to provide assistance. Reach out today to schedule a consultation.

Why Choose Us

What Sets Global FPO Apart as My ERC Provider?

Expertise: Our ensemble of seasoned professionals boasts an extensive comprehension of the Employee Retention Credit program, including its complexities. We remain attuned to the latest regulations and directives, ensuring accurate guidance and support.

Tailored Approach: Recognizing the distinctiveness of each enterprise, our services are custom-tailored to harmonize with your specific aspirations and requisites. Our personalized methodology guarantees receipt of guidance and support aligned with your business objectives.

Precision and Efficiency: Precision and efficiency form the cornerstone of all our services. Our meticulous attention to detail curtails errors, diminishes audit risks, and maximizes credit potential.

Proactive Counsel: Beyond fundamental services, we offer proactive counsel to aid you in optimizing your workforce and operations, thereby augmenting eligibility and credit potential.

Peace of Mind: By delegating your Employee Retention Credit process to us, you can concentrate on core business functions, assured that adept professionals are adroitly managing your credit claims.

Leverage the ERC Effortlessly.

Harness the Full Potential of the Employee Retention Credit with Global FPO.

FAQs

frequently asked questions

Instituted through the CARES Act, the Employee Retention Tax Credit aims to motivate eligible employers to sustain their workforce during the COVID-19 crisis. It's a tax credit, refundable and non-refundable, that eligible businesses can assert on qualified wages, including certain health insurance expenses, disbursed to employees.

Generally, we apprise clients of a window spanning 5 to 14 months. Our work usually takes a few weeks, while the IRS processing time varies. This combined range captures both phases.

The ERC credit isn't classified as taxable income for federal tax purposes. However, it might reduce your company's deductible wage costs by the credited amount, likely elevating net profit and, consequently, taxable base. We advise consulting your CPA or tax preparer for guidance.

The credit calculation diverges for qualifying quarters in 2020 and 2021. Eligible employers can lay claim to $5,000 per employee for 2020 and up to $7,000 per employee per qualifying quarter in 2021. The zenith attainable per employee is $26,000.

Businesses experiencing either partial or complete operational suspensions under government orders due to COVID-19 and undergoing a decline in gross receipts percentage compared to the identical quarter of the prior year (e.g., 2020 versus 2019, or 2021 versus 2020) are eligible for ERTC.

Although the ERC initiative has concluded, eligible employers still have time to seek the employee retention credit through Form 941X submission for relevant quarters. For all quarters within 2020, the application deadline is April 15, 2024; for all 2021 quarters, the cutoff is April 15, 2025.

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Disclaimer: Global FPO provides outsourcing accounting services with utmost care, but we cannot guarantee the accuracy or completeness of the information. Our services are intended to support clients' financial management, but professional advice is recommended for specific needs. We are not liable for any losses or damages resulting from the use of our services. Clients agree to these terms by engaging with us.

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Employee Retention Tax Credit - USA

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