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Boston Employee Retention Tax Credit

MASSACHUSETTS STATE HOUSE Boston

Boston business owners remember having a choice between the PPP and the ERTC. This “knowledge” translates into them knowing that they are not eligible for the ERTC. Obviously, they do not apply.

As PPP loan could be forgiven many chose them over the ERTC. However, in December 2020 the Consolidated Appropriations Act (CAA) enabled small businesses access to both programs for 2020 and 2021. And in March 2021 the American Rescue Plan Act (ARP Act) extended the CARES Act and thus the amount Boston business owners could be missing out on because they falsely believe that they are not eligible for the ERTC.

Here are a few of the changes that impact your eligibility and how much you will receive

*CARES Act

*Consolidated Appropriations Act (CCA)

*Taxpayer Certainty and Disaster Tax Relief Act (Relief Act)

*American Rescue Plan Act (ARP Act) and then each has a number of notice:

 - After March 12, 2020 and before January 1, 2021 – Notice 2021-20PDF, Notice 2021-49PDF and Revenue Procedure 2021-33PDF

 - After December 31, 2020 and before July 1, 2021 – Notice 2021-23PDF, Notice 2021-49PDF and Revenue Procedure 2021-33PDF

 - After June 30, 2021 and before October 1, 2021 – Notice 2021-49PDF and Revenue Procedure 2021-33PDF

- After September 30, 2021 and before January 1, 2022 – Notice 2021-49PDF and Notice 2021-65PDF

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↘ Most frequent questions and answers 

LET US EXPLAIN

The Employee Retention Tax Credit

Funded by the

CARES Act

Originally created to encourage businesses to keep employees on the payroll as they navigate the unprecedented effects of COVID-19.

Up to $26,000 Per W-2 Employee

Full Time and Part Time Employees Qualify. The ERTC program is a refundable tax credit for business owners in 2020 and 2021.

Free, No Obligation Pre-Qualification

By answering a few, simple, non-invasive questions our team can determine if you qualify. There is no cost or obligation to be pre-qualified.

READ MORE


   Boston Employers that kept their staff on the payroll from 2020 to 2021 could be eligible for tax credits of the Federal ERCEven if you already have a PPP loan, an approved CPA fast application from HM Optimisation will allow you to have Boston ERC specialists assist with maximizing your claim. 



Size of the company and ERTC eligibility



   Employers with more than 5 and less than 500 full-time employees are eligible for the Refund program. The Consolidated Appropriations Act has passed several amendments to ERTC in 2021, also raising the number of employees allowed per company from 100 up to 500. If your business was ineligible for the ERTC when you have last checked, things may have changed in your favor


Recent updates on the ERTC eligibility


   Employers may believe they do not qualify for tax rebates if they have received a PPP loan to their business. However, this is incorrect. The Consolidated Appropriations Act has passed several amendments to ERTC in 2021. These included expanding eligibility to employers who have taken a PPP Loan.

Also, new businesses established during the pandemic are eligible for the ERTC. Your business may qualify for rebates up to $26,000 per W-2 worker. An increase in the maximum rebate allowed per employee to $5,000 per quarter was part of the amendments. The maximum allowed rebate per employee now stands at $7,000 per quarter. 70% of the first $10,000 earned by each employee. You can submit your claim using the 15 minute refund questionnaire. This allows you to maximize your refund by ERTC specialist CPAs within a short time frame.


If you employ more than 5 and less than 500 W-2 employees YOU WILL QUALIFY

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The city of Boston is home to more than 40,000 small businesses that generate more than $15 billion in annual revenue and employ 170,000 people

The ERTC was not widely used until March 2021, when the American Rescue Act changed IRS regulations and millions of businesses were now eligible for both the PPP and ERTC program by amending their Quarterly Form(s) 941. If your business was affected by the Covid - 19 pandemic don't hesitate to apply for the ERTC Tax Rebate.

No Restrictions - No Repayment

Businesses who applied for and received PPP funds could now also claim ERTC credits. ERTC credits could be retroactively claimed for businesses that qualified in 2020. ERTC credits were extended through 9/30/21 with lower qualification requirements. The per-employee cap on qualifying wages increased from $10,000 for all of 2020 to $10,000 per quarter for the first 3 quarters of 2021. The refundable credit amount increased from 50% of qualifying wages in 2020 to 70% in 2021. So the short answer is “Yes” . . . you can claim ERTC even if you received PPP funds.

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↘ Most frequent questions and answers 

LET US EXPLAIN

Boston businesses don’t need to return the ERTC nor submit a proof of how they used the money

The ERTC Program provides you with a refund or a tax credit, but it is not a loan program. The money can be used in any way you like. You don't have to repay it. This service is available only from a single CPA firm that specializes in taxation, and has partnered up with HM Optimisation.

Applying for the ERTC is free - Boston businesses pay after receiving their claim

A short quiz of 10 questions can be taken on the HM Optimisation site to find out if you qualify for a rebate. It is completely free and without obligation. There is no proprietary information.

ERTC can be claimed retroactively - now 

You could be eligible for a significant rebate, regardless of how many people you have retained on their workplaces in each quarter of 2020 and 2021. It only takes a minute to find out and it's completely free.

Here Are The Most Recent Successful Claims

Find Out What Our Accounting Professionals Can Secure For Your Business Today

• Business Consulting Firm in Newport Beach, California, 19 W-2 Employees; $44,960 Credit

• Presentation Design Agency in Nashville, TN, 19 W-2 Employees; $162,979 Credit

 • Montessori School in Addison, Illinois, 35 W-2 Employees; $175,000 Credit

• Restaurant in Houston, Texas, 80 W-2 Employees; $400,000 Credit

Your Boston business might claim up to $26,000 PER EMPLOYEE

Most employers can be eligible for the credit, including hospitals, colleges, universities, and 501(c), organizations. The Consolidated Appropriations Act previously expanded eligibility to include all businesses that took out loans under the Paycheck Protection Program, including those who borrowed from the initial round PPP.

Boston employers are eligible for the Employee Retention Credit Help

Eligible employers must meet one of the following criteria to be qualified:

1. Trades or businesses that were temporarily or completely suspended due to a government order. Credit is only available for the part of the quarter in which the business was suspended. It does not apply to the entire quarter. ➭➭➭

Based on IRS guidance, some businesses may not be eligible for the credit. This refers to the businesses considered essential unless their supply of critical material/goods is disrupted in a way that impacts their ability to continue operating. Also, businesses that have been closed but can continue operations through telework. These businesses do not qualify under the first factor, but may still be eligible for credit under the second factor:

 2. Employer that experiences a significant decrease in gross receipts. 

The IRS issued Revenue Procedure 2021-3 on August 10, 2021. This procedure approves an employer to exclude from gross receipts the amount of a PPP loan forgiveness, Shuttered Venue Operators Grant, or a Restaurant Revitalization Fund grant. This is only for the purpose of determining eligibility to claim the ERTC. Employers must ensure that this safe harbor is applied consistently to all entities.

Visit https://erctfund.com/ to complete the free eligibility check and claim your rebate.



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HOW DOES THE PROCESS WORK?

  • Complete the Questionnaire - Start with the 10 simple questions on this site to begin your claim.

  • Upload Data - Upload your 941 returns, PPP loan documents, and raw payroll data on our secure portal.

  • Credit Calculation - We calculate the credit you can receive from the IRS.

  • Application Package - We will prepare and help you file the 941-X Amended payroll returns.

  • Get Paid - The IRS will process your credit and mail you a check.

Your time investment will be under 15 minutes – guaranteed.

Begin Your Claim - Answer 10 Questions

APPLY NOW

What you should know about ERTC retroactive termination guidance?

Notice 2021-65 lists the conditions required to avoid a failure deposit penalty. In an example, an employer must also:

1. Make sure they’ve made deposits for the repaid amounts before a certain date.

2. Report the tax liability on the applicable Employment Tax Return and Schedule.

Funded by the CARES Act*

 Originally created to encourage businesses to keep employees on the payroll as they navigate the unprecedented effects of COVID-19.

IMPORTANT REMINDER: Even if you got both PPP Loans... businesses are STILL qualifying and receiving sizable ERTC refunds. Apply Today!

CLAIM YOUR FUNDS

These are just some of the business problems we can help with. Contact us today!

 *DISCLAIMER* This content is intended for educational purposes only and is not intended as legal advice. It should not be considered a substitute for professional legal advice. This information may not reflect current legal developments and may be modified without notice. It is not guaranteed to always be correct, complete, up-to-date, or accurate.

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