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Employee Retention Credit (ERC) Support
Over the past few years, many dentists have obtained the employee retention credit, and often without all the necessary support or documentation. If you need help tracking an outstanding claim, responding the IRS on existing claims, or correctly requesting a new claim, we can help.
What is the ERC?
The Employee Retention Credit (ERC) is a payroll tax credit that rewards business owners for keeping people employed during the pandemic. Unfortunately, a lot of false marketing and bad advice has been given about this credit. However, there are still many businesses that legitimately qualify. Not every business will qualify, but for those who do, there are three methods to qualify for the credit.
Three Ways to Qualify for ERC
Reduction in Revenue
- There is a 50% reduction in your gross receipts in 2020 when compared to the same quarter in 2019.
- There is a 20% reduction in your gross receipts in 2021 when comparing to the same quarter in 2019.
Impacted by Government Orders
- Required to fully or partially suspend operations
- Occupancy was limited to provide for social distancing
- Were unable to obtain crucial goods or materials from suppliers because they were required to suspend operations
- Shelter in place preventing employees from going to work
Started a Business During the Pandemic
- Business was started after February 15, 2020
- Your annual gross receipts totaled less than $1M