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GUTTA McGOEY CPAs

WITH MORE THAN 20 YEARS OF LOCAL EXPERIENCE IN FLORIDA!

ERC

ERC Funding canbe complicated. We can help.

We specialize in Maximizing ERC Funding for Small Businesses.

The Employee Retention Credit

COVID-19 has been a challenge for all of us. As the world shut down the economy came to a halt, leaving the future of many businesses in a precarious position. As we begin to find normalcy again, businesses now have to focus on recovering and fortunately, several government programs are easing this process.

One such program is the Employee Retention Credit or ERC, which is a generous stimulus program designed to bolster those businesses that were able to retain their employees during this challenging time. Due to the extremely complex tax code and qualifications, it is severely underutilized. Details of the program include:

UP TO $26,000 PER EMPLOYEE

AVAILABLE FOR 2020 & Q1 – Q3 2021

QUALIFY WITH DECREASED REVENUE OR COVID EVENT

NO LIMIT ON FUNDING (ERC IS NOT A LOAN)

ERC IS A REFUNDABLE TAX CREDIT

Why Advantage Accounting & TAX?

Dedicated to ERC

No need to be the guinea pig for your CPA. We average 10-20% more funding than a CPA not familiar with the program.

Maximum Funding

We evaluate your claim in every way possible to ensure we maximize your credit.

Lightning Fast Results

Our streamlined processes allow for faster results, which means faster funding.

Audit Support Included

If you get audited, we will supply all criteria and assist in responding to the IRS.

ERC Program Specialists

Our team strictly focuses on ERC allowing us to be the experts and resulting in more funding for your business.

Professional Support

Although our process is quick and painless, when you have questions we have answers with a dedicated team of ERC support specialists

ERC Qualifications

While the general qualifications for the ERC program seem simple, the interpretation of each qualification is very complex. Our significant experience allows us to ensure we maximize any qualifications that may be available to your company.

FULL OR PARTIAL SUSPENSION OF BUSINESS OPERATIONS

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 RECEIPTS REDUCTION

Gross receipt reduction criteria are different for 2020 and 2021 but are measured against the current quarter as compared to 2019 pre-COVID amounts.

Frequently Asked Questions

Our Mission is to become the virtual “Accounting & Tax Department” for small businesses, which are the lifebloodof the U.S. economy
“Service” is our central core value, complemented by communication, collaboration, & best practices
ERC is all about “Service” to small businesses today and in the future
Pure play ERC firms may be gone in 3-5 years.
CPA and Payroll companies understaffed or ERC is ‘non-core’.

  • ERC is a cash credit from the IRS based on payroll, not a loan
  • Initially, businesses could only access PPP or ERC, not both. Now they can.
  • Consolidated Appropriations Act of 2021 (signed 12/20/20) & American Rescue Plan (signed 3/11/21)
  • ERC is not well known and is widely misunderstood even within the accounting industry. Only 6% of eligible companies nationwide have applied.
  • Available to companies with < 500 employees, a sector of the economy accounting for 49% of US employment and 64% of new jobs since 2017.
  • Putting it simply, the Employee Retention Credit (ERC) is exactly what it sounds like—business owners are being rewarded for their efforts to keep employees on payroll during the pandemic. We are working with national accounting & tax organizations on this effort to help the U.S. economy not only recover from the pandemic, but to come back stronger than before.
  • Congressional intent (inflation, missed sales, macroeconomics)
  • Fully refundable tax credit for employers based on qualified wages that Eligible Employers pay their employees (2nd quarter 2020 through 3rd quarter 2021)
  • Up to $5,000 per employee (FTE) for 2020 and up to $21,000 per employee for 2021

  • Small companies who qualify can receive up to $26,000 per employee.
  • 2020 (<100 employees). 2021 (<500 employees)
  • PPP recipients qualify for the ERC
  • Congressional intent: companies must meet 1 of 2 tests
    • Revenue decline: 2019 baseline (50% 2020; 20% 2021)
      OR
    • Full or Partial Shutdown:
      “Any Federal, State, or Local order that limits commerce, travel, or group meetings due to Covd-19 in a manner that affects an employer’s operation of its trade or business.”
  • Controlled or affiliate group (50% ownership & aggregation)
  • Audits and reviews

  • Engage us to file amended payroll & other IRS returns
  • Provide us with requested documentation so we can complete the complex calculations
  • Audit Support (legal p/s)
  • Provide:
    • P&L history
    • Payroll records
    • Documentation of “partial shutdown”
  • Our process
    • Engagement letter
    • 30 days: application submitted
    • 6-12 months is the IRS processing time

Pure play ERC firms may be gone in 2-3 years, CPA firms and Payroll companies are understaffed, or ERC is a ‘non-core’ project for them. For Advantage Accounting and Tax, ERC is all about Service to small businesses today and future. Our mission statement obligates us to offer this service to our current and future clients.

No. Although we would love to have you as our client, you don’t need to be engaged with us for Accounting or Tax Services.