Employee Retention Credit

Unprecedented tax benefit for 2020 & 2021

The Employee Retention Credit program should be on every small business’s accounting agenda. Developed out of the immediate need to ease small business losses during the Covid-19 crisis, the ERC federal tax program rewards qualifying businesses for retaining employees during each quarter of 2020 and 2021. To help small businesses navigate the complex ERC provisions, Profitopia’s highly trained ERC Advisors provide free ERC consultations to organizations with fewer than 500 employees.

ERC is not a loan that needs to be repaid, but a tax credit to help businesses and nonprofits stabilize and grow after the pandemic downturn. To take full advantage of this unprecedented and time-limited opportunity, do not delay in contacting us. Our ERC Advisors can do a complete analysis to determine if your organization qualifies.

Employee retention
Profitopia Leader in securing ERC cash

Leader in securing ERC cash

Few small business owners are aware of the ERC program – and due to the extraordinary complexity of the legislation, even fewer know how to reap its limited-time financial benefits. To help small businesses navigate the complex ERC provisions, Profitopia provides free ERC consultations to companies and nonprofit organizations.

Profitopia was among the first accounting firms to decipher the hundreds of pages of legislation and requirements. We quickly became the go-to source to help businesses determine if they qualify and for how much. In fact, many CPA firms come to us to help with their own clients for ERC work!

ERC Facts

Profitopia’s accountants begin by collecting essential information to analyze your eligibility. Next, we analyze your data and perform research on government mandates in your locale. While your accounting firm may have limited experience with this new type of tax credit, we work with ERC every day and have been for months. We have even developed technology which will identify the absolute maximum credit that you are owed!

ERC provides tax credit payments based upon several factors from 2020 and 2021:

  • For 2020
  • up to 50% of an employee’s salary
  • maximum of $5,000 per employee for the year
  • If you have 10 employees, that’s up to $50,000 credit for 2020
  • It gets even better in 2021...
  • For 2021
  • up to 70% of an employee’s salary
  • up to $7,000 per employee per quarter in Q1-Q3 of 2021
  • maximum of up to $21,000 for all of 2021 per employee
  • If you have 10 employees, that’s up to $70,000 credit per quarter/$210,000 per year

What are the Qualifications?

Congress created multiple provisions for the ERC. 

1. Shutdown Provision: for organizations that were required to fully or partially shutdown due to COVID-19

2. Reduction in Gross Receipts Provision: for organizations that experienced a decline of 50% in Gross Receipts in 2020 or just a 20% reduction in 2021

3. Recovery Startup Provision: for organizations that began operations on February 15, 2020 or later (note: in this case funds are limited to Q3 & Q4 of 2021, up to a maximum of $50K per quarter or $100K in total)

  • No Loan: No repayment requirement
  • No Applications: Simpler filings vs PPP
  • No Upfront Cost

If you would like Profitopia to calculate and file your Employee Retention Credit tax statement, our accounting fee is not due UNTIL you receive your money from the U.S. government.

This unprecedented legislation is very complicated and requires the help of seasoned tax professionals. We are working around the clock to help struggling small businesses to maximize the amazing benefits now available to them.

Ready To Increase Your Profits?

Profitopia is a national and virtual full-service certified public accounting firm specializing in growth-focused accounting, auditing, tax, and consulting services for small businesses and nonprofits.

Call 888-778-6742 to explore Profitopia's fresh approach to accounting tailored to meet your needs and exceed your expectations while building your profits.