Have you heard of ERC?
Employee Retention Credit
Have you applied for ERC?
The latest tax incentive is the Employee Retention credit!
Watch this Important Video
Our team of CPAs, Attorneys, and experts process your ERC fast, safe, and at no upfront cost.
About the ERC Program
What is the Employee Retention Credit (ERC)?
ERC is a stimulus program designed to help those businesses that were able to retain their employees during the Covid-19 pandemic.
Established by the CARES Act in 2020, it is a refundable tax credit – a grant, not a loan – that you can claim for your business. The ERC is available to both small and mid-sized businesses. It is based on qualified wages and healthcare paid to employees.
- Up to $26,000 per employee
- Available for 2020 and the first 3 quarters of 2021
- Qualify with decreased revenue or COVID event
- No limit on funding
- ERC is a refundable tax credit (cash on hand to use for your business)
How Much Money Can You Get Back?
You can claim up to $5,000 per employee for 2020.
For 2021, the credit can be up to $7,000 per employee per quarter.
How do you know if your business is eligible?
To qualify, your business must have been negatively impacted in either of the following ways:
- A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings.
- Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts.
- A business can be eligible for one quarter and not another.
- Initially, under the CARES Act of 2020, businesses were not able to qualify for the ERC if they had already received a Paycheck Protection Program (PPP) loan. With new legislation in 2021, employers are now eligible for both programs. The ERC, though, cannot apply to the same wages as the ones for PPP.
If you have at least 5 W2 employees, you will qualify for this government grant, click here so we can see how much you qualify for!
Our Results
Businesses Enrolled
Credits Recovered
Employees Qualified
Our services include:
- Thorough evaluation regarding your eligibility
- Comprehensive analysis of your claim
- Guidance on the claiming process and documentation
- Specific program expertise that a regular CPA or payroll processor might not be well-versed in
- Fast and smooth end-to-end process, from eligibility to claiming and receiving refunds
Dedicated specialist that will interpret highly complex program rules and will be available to answer your questions, including:
- How does the PPP loan factor into the ERC?
- What are the differences between the 2020 and 2021 programs and how does it apply to your business?
- What are aggregation rules for larger, multi-state employers, and how do I interpret multiple states’ executive orders?
- How do part-time, Union and tipped employees affect the amount of my refunds?
Tax Savings Examples
Thousands of employers from a myriad of industries have benefited from Bottom Line Savings’ services, and we look forward to helping you maximize your ERC.
Client Example
Dental Laboratory
Annual Revenue: $7 Million
Q1, Q2, Q3 – 2021 ERC Qualifications
- Drop in revenue
- Impacted by social distancing
- Unable to fully staff lab due to spatial restrictions
Total ERC Refund: $230,000
Client Example
Manufacturing
Annual Revenue: $23 Million
Q1 – 2021 ERC Qualifications
- Supply chain issues
- Reduction in capacity due to social distancing.
- Partial shutdown of operations
Total ERC Refund: $982,000
Client Example
Construction
Annual Revenue: $92.7 Million
Q1, Q3 – 2021 ERC Qualifications
- Severe supply chain issues
- Social distancing restrictions
- Faced revenue loss as large clients cancelled their accounts.
Total ERC Refund:
$2.5 Million
Ready To Get Started?
3 Simple Steps.
1. Upload your documents to our private share file, our Team of CPAs will analyze the data and calculate your ERC Refund.
2. We’ll prepare & audit all the documentation, and help you file your Form 941x amended returns.
3. You’ll receive a check directly from the IRS. Apply for ERC Today!
DO YOU QUALIFY?
Answer a few simple questions.
Frequently Asked Questions (FAQs)
Do I have to pay ERC money back?
No. ERC is not a loan, there is no repayment for the money you receive. You do not have to use the money for anything specifically. ERC is a refund from the government that has to do with all of the money you have paid as an employer on payroll/healthcare wages, salaries, and taxes.
Do we still qualify if we already took the PPP?
Yes. Even if you took advantage of PPP 1 and 2 and both were forgiven, you can still qualify for ERC refund credits as the law has been changed through the American Rescue Plan
Can my CPA file? Why would I use Bottom Line Savings?
Yes you can. The biggest challenge is that the Employee Retention Credit is taken on your “Payroll Returns”, and not through your “business income tax returns” which is what most CPAs handle. Due to this, most CPAs won’t process this credit, or do not know how, unless they process your payroll in-house. This is also the reason why the ERC is extremely underutilized. CPAs are tax experts not payroll tax experts, which is why this has fallen for the most part on deaf ears. Very few CPAs are able to effectively process the credit. We have hundreds of CPAs that refer their clients to us.
Bottom Line Savings is the #1 Team of ERC Specialists in the Country.
We have in-house CPAs and Attorneys that filing the Employee Retention Credit and form 941x for our clients is all they do. We have over 6,000+ clients, and have retained over $2,000,000,000+ Billion in credits. We’re growing by 80+ businesses a day.
You only get one chance to file for ERC.
Leaving your application in the hands of someone who is not an expert can result in rejection, fines, audits, and other penalties.
In our experience we have found that due to the complexity (the ERC tax code is over 200 pages) and time investment necessary to understand the ERC program, very few are able to effectively maximize this sizeable credit for your business.
Do we still qualify if we did not incur a 20% decline in gross receipts?
Your business qualifies for the ERC, if it falls under one of the following:
A government authority required partial or full shutdown of your business during 2020 or 2021. This includes your operations being limited by commerce, inability to travel or restrictions of group meetings.
Gross receipt reduction criteria is different for 2020 and 2021, but is measured against the current quarter as compared to 2019 pre-COVID amounts.
Do we still qualify if we remained open during the pandemic?
Yes. To qualify, your business must meet either one of the following criteria:
Experienced a decline in gross receipts by 20%, or Had to change business operations due to government orders
Many items are considered as changes in business operations, including shifts in job roles and the purchase of extra protective equipment. The ERC, in this case, also applies only for Q3 and Q4 of 2021.
We work with businesses that have 5+ W2 employees. This does not include yourself or immediate family.
I have 1099 employees, do I qualify?
No, this program applies to W2 payroll taxes paid. The IRS has also stipulated that spouses and children of owners paid on W2 also do not qualify for the program.
My business doubled in revenue, do I still qualify?
Yes, even though your revenue has tripled, you can still qualify for ERC.
How long does this process take?
As long as you can get us the documents we need (941s, any PPP bank notes, etc) we can have your ERC application filed within a week. As far as funding, we have seen our clients receive their money within a few weeks, others could take a few months
Tell me again, why should I work with you guys?
You only get one chance to file for ERC. Leaving your application in the hands of someone who is not an expert can result in rejection, fines, audits, and other penalties.
In our experience we have found that due to the complexity (the ERC tax code is over 200 pages) and time investment necessary to understand the ERC program, very few are able to effectively maximize this sizeable credit for your business.
Here are some IRS Frequently Asked Questions
Government Aid, a division of Bottom Line Concepts, assists clients with various forms of financial relief, particularly, the Employee Retention Credit Program.
About Velocity
Since 1999, Velocity has continually evolved to offer industry-leading solutions for small to medium sized businesses. We provide the necessary tools that businesses require, as well as implement marketing solutions that aim to foster growth and add lasting value to our clients investments. Our services include payment processing, website development, digital media advertising, search engine optimization and print marketing.
We believe collaboration makes us all stronger; a rising tide raises all ships. Business innovation is born from determination, and dependable, honest service starts with each one of us. We separate ourselves from competitors through providing our clients with the attention they deserve and being completely transparent.