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What You Need To Know About The Employee Retention Tax Credit

We understand that the recent news about how the IRS will handle new claims for the Employee Retention Tax Credit has caused confusion and concern.

 Our team is here to provide guidance and clarity. If you have any questions or concerns, we have compiled a list of frequently asked questions below to help address them.

But what can you do right now? If any of the following situations apply to you, don't hesitate to set up a consultation with our team:

  1. You have filed a claim and you're wondering about your eligibility.
  2. You filed a claim but it wasn't prepared by a CPA-licensed tax professional or an attorney. 
  3. You filed a claim, haven't received your refund, and want an update on your status.
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ERTC FAQs

Is this the end of the ERTC?

No, not yet. While the program is sunsetting, you have through April 15, 2024, for qualifying 2020 quarters and April 15, 2025, for qualifying 2021 quarters, this really represents an effort by the IRS to reign in bad actors and false claims.

What is an ERTC Mill, and what to look out for?

An ERTC mill is a term used to describe illegitimate third-party tax or financial service providers that advise businesses to claim the Employee Retention Tax Credit, even if they aren’t qualified for it. How can a business identify an ERTC mill and avoid getting scammed? These third-party financial firms often make financial claims or promises before even looking at your company’s financial or payroll records. Sometimes they’ll send suspicious-looking letters or mailers that appear to come from the IRS. They may try to pressure you into signing documents without giving you enough time to read and review them. Often, they’ll fail to ask the right questions or even demand large fees upfront.

I've heard they are slowing down claims processing, what does that mean?

Claims submitted before the deadline may experience some delays but the good news is that much of the backlog has already been addressed. So, lead times won't be significantly longer than when the backlog was at its peak. Even if a new claim isn't addressed until 2024, that's really only around 30 days longer than what typical turnaround times have been.

What if I have concerns about an existing ERTC claim?

If you have a claim in process, talk with a licensed tax professional ASAP who can thoroughly evaluate your claim and ensure that it meets all compliance requirements. The good news is that the IRS is allowing businesses to withdraw any claims that could be deemed invalid or repay refunds they may have already received before potential penalties are applied. We are here to help, set up a 15-minute call with us today.

How can I evaluate my eligibility?

Talk to a licensed tax professional. A 15 minute conversation can help you determine whether or not you qualify to submit a claim. You can also take our ERTC Eligibility Assessment.

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Step 1

Our tax experts work with you during every stage of the discovery and tax preparation process to ensure the very best outcomes.

 

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Step 2

We get to know you, determine if we’re a good fit, and go over the basic framework of ERTC tax filing.

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Step 3

We look over your case, analyze your financials and metrics, and reference the national database to ensure all studies are completed in accordance with IRS rules and regulations.

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Step 4

We schedule a second call to review the results and findings, offering a detailed outline to explain our process and the next steps to take. 

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Step 5

Our tax experts complete your filings, conduct quality control, and sign all claims as your licensed tax preparer, ensuring we meet the highest standards.
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Questions?

We're here to help. Schedule a free consultation to learn more about your ERTC savings opportunities.

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Don't miss the ERTC filing deadline.

You still have time! Employers can claim the 2020 ERTC until April 15, 2024 and the 2021 ERTC until April 15, 2025.

Learn More About ERTC Deadlines

How does the ERTC benefit my business?

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What to do if your ERTC claim is being audited, or you're worried it might be Learn More

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Employers can claim up to $5,000 for each employee per quarter during 2020 and up to $7,000 for the first three quarters in 2021.
Is There a Deadline to File for ERTC

The recent changes made by the IRS related to the ERTC are a very good thing for taxpayers. Learn more

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The ERTC was created by the U.S. federal government to help businesses negatively impacted by the COVID-19 pandemic.
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The ERTC sunsetted on October 1, 2021. This means that businesses can still retroactively claim it by completing an eligibility analysis and filing a retroactive claim.

Filing for the ERTC has never been easier.

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We work with you. 

Have questions about filing? Our knowledgeable tax experts have answers!

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We handle your financials. 

We'll do the heavy lifting by analyzing your payroll and financial data to ensure you receive the highest tax credit available.

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We add a personal touch. 

We're happy to meet with you during the discovery process to keep you updated. 

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We file for you. 

We complete your filings and sign on the dotted line as your licensed tax preparer. 

What Our Clients Are Saying

“Through their well-thought-out plan and execution, Cunningham helped the YMCA qualify for the tax relief that will be instrumental to our continued services within our communities. We are very pleased with the outcome."

L.D.

"I’m happy to say that you all made the ERTC process smooth and easy for us. Thanks again for your help!"

Heather

“Cunningham completed an ERTC study for my small business. They seemed to have their systems organized to handle everything they committed to. I know they'll be able to help your business operate more effectively too, either doing research or helping to implement the findings.”

G.C.

Read More Success Stories

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Do you qualify for the ERTC? Speak with one of our certified tax professionals to explore your options and maximize your returns today.

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