Trusted Guidance On The Employee Retention Credit
HOW DO YOU KNOW IF YOUR BUSINESS / NONPROFIT QUALIFIES FOR ERC? Without speaking to qualified professionals under counsel of tax attorneys who specialize in the 365 pages of legislation and IRS guidance, it’s likely you will miss out on legitimate funds available or take the risk of not filing properly.
🔹 In our extensive research, we found most payroll companies and traditional accounting firms are limited in their ability to fully assess an employer for ERC. While they might help capture the simpler credits, such as those realized by a significant loss of gross revenue or a full shutdown caused by a government order, they lack the expertise and processes needed to evaluate for the more complex credits found under partial suspension.
🔹 Partial suspension has a more broad interpretation than most employers realize. According to IRS Notice 2021-20, it means you experienced more than a “nominal effect” on more than a “nominal portion” of your business or operations caused by a government order.
🔹 Most ERC funds are found in this more complex, detailed part of the law, not the simple. It requires a significant expertise and a detailed, time intensive analysis. It cannot be determined by someone who hasn’t carefully studied the hundreds of pages of detail and retained a tax attorney who specializes in ERC.
🔹Did you experience more than a nominal effect from a Covid 19 order? Examples include social distancing, capacity restrictions, extensive cleaning, event cancellations, limited travel, supply chains, and modifying your operations in a way that are not comparable to pre-Covid.
🔹 Unfortunately, there are not many of these specialized firms. In 2021, when the ERC came to life, very few people in the accounting space were willing to make the necessary investment to deal with this complex tax credit. It requires legal, technology, more people, and as previously mentioned, to do it right, it is very time intensive. It requires the same effort as starting a new business, but it’s only going to last 4 years. So, almost no one did it.
🔹 Among the few who do this, most don’t advertise. You have to find them on a word of mouth or referral basis. Bottom line: we found 2 that we wholeheartedly trust, and our nearly 500 clients have been very impressed with their experiences.
Dean Francis
Husband of 33 years to my best friend and beautiful wife Sarah, DAD to 5 amazing kids, and FAN of any person or organization who seeks to make a positive impact on others.
My strengths are communicating complex financial and tax concepts, and building strategic partnerships to bring maximum value to businesses and nonprofits.
I like BIG thinking. I believe in the IMPOSSIBLE. I am an OPTIMIST. Steve Jobs quote is my mantra: “The ones who are crazy enough to believe they can change the world are the ones who do.”
I believe long-term sustainable success comes from high standards of excellence, hard work, and surrounding yourself with great people.
I enjoy CrossFit 5 to 6 times a week at Crossfit Pushin Weight in Powhatan VA. I love sitting by our pool, and going to the Homestead Resort in Hot Springs, Virginia for weekend, getaways with my wife Sarah. I also love attending Passion Community, Church, led by my dear friend and founding Pastor, Brian Hughes - one of the most talented, authentic communicators in the country, who is deeply motivated to serve others.
OPPORTUNITY: We learned in 2022 that millions of employers can potentially realize a 6 or 7 figure dollar amount for having paid W2 employees during 2020-2021 through the employee retention credit.
PROBLEM: Most businesses, churches, private schools, and non-profits are either unaware or mistaken about how to qualify. Or, because they used a payroll company or traditional accounting firm to file, they may have only captured a fraction of what is available to them.
Were you told that you do not qualify for ERC because you did not “shut down” or lose revenue during the pandemic? We hear this every day. It’s worth a 20 minute free consultation call to learn more.
Did you use a payroll company or traditional accounting firm to file for this credit? If so, it is possible that you were only qualified for the quarters in which you lost revenue, but may be eligible for more quarters under the government orders test, which is how most employers qualify.
Go to OneBridgeadvisors.com to schedule a call, or send me a message.