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.
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!
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:
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)
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.