It’s not too late to get the Employee Retention Credit (ERC) in 2023! Your organization could be eligible for millions in IRS returns, depending on your situation during the pandemic.
Like with so many other business tax-related issues, business owners are often confused about whether they qualify for this credit. At LG Resources, we’re here to help you to find out if you’re really eligible — and for how much.
Are You Qualified For the ERC?
The general qualifications for the ERC program seem simple at first glance. However, each qualification can be very complex to interpret.
There are two main ways to qualify for the ERC:
- Gross Receipts Reduction. The gross receipt reduction criteria are different for 2020 and 2021. However, in both cases, the reduction is measured against the current quarter compared to pre-COVID (2019) amounts.
- Suspension of Business Operations (full or partial). You may qualify for the ERC if a government authority required you to fully or partially shut down your business in 2020 or 2021. Suspended operations include being limited by commerce, inability to travel, or restrictions of group meetings.
Your ERC funds depend on the wages you paid to qualified employees. For ERC purposes, group health plan expenses can be considered qualified wages even if you paid no other wages to an employee.
How ERC Specialists Can Help You Get a Larger ERC Tax Credit
LG Resources partners with ERC Specialists to help companies get as much ERC funding as they’re eligible for. The ERC Specialists team has been fully vetted for IRS compliance and regulations by their Advisory Board Members. Here are a few reasons to choose LG Resources as your ERC specialist.
The Employee Retention Credit (ERC) comes with some seriously complicated rules. If your tax preparer or CPA doesn’t have much experience with this credit, they may not know how to maximize it for your business.
At LG Resources, we have a team dedicated to the ERC. We’ve gone through this process with tons of other companies. With all of that experience, we know how to evaluate claims in every possible way to maximize your credit.
Our team of dedicated ERC Specialists has streamlined processes. That means they’ll be able to get you faster results — and faster funding.
In most cases, it’s better to get your ERC sooner. You likely want to invest it into your employees and business as soon as possible.
No one wants to go through the hassle of being audited, but it can happen to anyone — including your company.
If you choose LG Resources and ERC Specialists to help you get your ERC, we will offer protection if you get audited. We will supply all criteria and assist you in responding to the IRS.
LG Resources has a quick, painless process. Nevertheless, you may have questions along the way.
If you need support, our dedicated team of ERC support specialists will be available to help. We’re here when you need us.
Can’t I Just Have My CPA File For Me?
Yes, you can choose to have your CPA file for your ERC credit. The challenge is that the ERC credit is taken on your payroll returns rather than your business income tax returns. Most CPAs handle business income tax returns, not payroll.
Many CPAs do not process the ERC unless they also process your payroll in-house. This is a big reason why this credit is still underutilized! The other reason is that the credit is incredibly complex — the ERC tax code is over 200 pages.
At LG Resources, we receive a large proportion of our clients from CPAs. Since they are tax experts but don’t typically handle this credit, it falls into a middle ground where it’s often best handled by other experts.
Our ERC Specialists have decades of experience with payroll, and they’ve invested plenty of time into understanding this credit. We’ve been able to specifically focus on understanding and maximizing the ERC program for our clients.
What It’s Like to Work With Our ERC Specialists
At LG Resources, we can help you throughout the ERC process. The ERC Specialists team can help you review all the required information, deliver an audit-ready package, and look for additional credit opportunities. We’ve worked to streamline each step for you.
We can help your company or organization with all of the following:
- Determine eligibility based on full suspension, partial suspension, or a gross receipts test
- Determine eligibility even if you’re an essential business or didn’t see a decrease in revenue
- Review required payroll information and PPP wages
- Determine credit availability
- Deliver an audit-ready package
- Look for other credit opportunities
Our team is aware of all of the eligibility requirements and intricate nuances of the ERC program. One of our partner companies consults with the House Finance Committee and actually co-authored the ERC.
LG Resources will give you all the instructions you need on how to maximize your ERC processing speed. We will help you amend your forms so you get your full ERC returns for every relevant quarter. Our clients tell us it’s easy to work with us, and they’re very happy with their results.
Let Our ERC Specialists Help You Get Qualified Now
It’s not too late to receive the ERC! The statute of limitations for this type of credit is several years. You can still get the credit for the 2020 and 2021 tax years in 2023 and beyond.
We charge a flat fee for our services that depends on the number of employees whose wages qualify for the ERC. This payment structure aligns with IRS requirements for how tax consultants and preparers may charge for services. We will calculate and tell you our fee with our free initial analysis.
Since our team is typically able to recover 10-20% more than someone who isn’t familiar with the ERC, our fee is very affordable. Just like with a good CPA, using a good ERC team pays for itself.