Posted By Paula Sanchez, HCM Services Advisor March 23, 2022
Exciting news – your business could have access to free money! Over the past couple years, the government has made big efforts to help businesses in the form of various tax credit programs. What do you need to know? The Employee Retention Credit (ERC) likely applies to your business. What do you need to do? Contact PayNW today!
What is Employee Retention Credit (ERC)?
While the ERC program has technically “ended” in real time, you can go back and request credits (through amended returns) for up to three years, until 2024. If this seems daunting – don’t worry. That’s what PayNW is here for. As of March 2022, PayNW has helped clients claim over $100million in ERC. This means that our clients have received (or are set to receive) millions of dollars of tax credits that they do not have to pay back. No strings attached. A vast majority of businesses aren’t aware of the program or that it’s still possible to participate. We want to bring that awareness as ERC has changed the trajectory of many PayNW clients already. We strive to continue getting the word out and make sure you’re not leaving money on the table.
Below, you can find a list of frequently asked questions when it comes to ERC.
- Where do people start to claim ERC? It’s quite simple – Contact PayNW.
- Who is eligible and what are the qualified wages? Any business that was in some way impacted by the COVID-19 pandemic is eligible for the program. There are other criteria that need to be met, but that’s where PayNW can help. A 30-min consultation with a team member will give you what you need to determine eligibility.
- What type of info does one need to bring to a consultation? Very little for the initial conversation. Once eligibility is determined, you will need financial records and press release information for COVID related restrictions in your area.
- If a business claims ERC, does that prevent them from claiming other credits? Not necessarily – while ERC was originally restricted to those who did not obtain a PPP loan, those restrictions were lifted at the end of 2020.
- Is it too late to claim? It’s not too late at all! It takes us around 2-3 weeks to calculate the credits, prepare the amended returns for filing, and send these to the IRS. They have been taking about 8-10 months to process the amendments, so in turn, due dates could be pushed back even more in the future. We do not collect our fees until the money is received by you, so there’s nothing to lose.
We would love to set up a consultation with you to talk about your business’ opportunities. Contact us here: https://www.paynorthwest.com/about-us/contact/.
PayNW is the premier integrated cloud-based human capital management platform for mid-size to growing businesses. Our client services team is ready to assist you via email or by calling us at 866-729-6920.
