Lately, if your business phone has been ringing more frequently with offers about the Employee Retention Tax Credit (ERTC) services, rest assured, you aren’t the only one. This should alert you to the fact that, whether you are aware of it or not, there is something very important going on right now and you, as a business owner, need to educate yourself, so that you do not potentially miss out on this once in a lifetime opportunity.
ERTC Indiana – Find Out How Much You Qualify For In ERTC Funding Today!
ERTC Is Not A Scam
Amid the devastating effects of the COVID-19 pandemic, the U.S. federal government took action, introducing the ERTC. The aim? To assist employers in retaining their employees even amidst dwindling revenues. As time has passed, this program has expanded, paving the way for a broader range of employers to tap into the refundable tax credit.
An entire industry has sprung up in the wake of this
There is one thing that should be evident when an entire industry springs up around something in particular such as ERTC.
That one thing? There is money to be made. Of course. Lots and lots of money.
Millions upon millions that have already been paid to many U.S. businesses, non-profits and churches. Even more millions have yet to be claimed by the tens and twenties of thousands of businesses that are still eligible.
This is not a scam. This is not an exaggeration. It is a legitimate program initiated by the U.S. Federal Government and the absolute proof is right on the I.R.S. official website – irs.gov.
Do I Need The ERTC?
If you want to receive a one time lump sum payment from the U.S. Federal Government based on how many W-2 employees you had at the time, that you never have to pay back and only have to claim on your business income taxes (of course) – then the answer is a resounding “yes”, you do.
All a business has to do is file for the ERTC credit, submit there business tax forms – just like they do during tax season and then the IRS goes over the forms and application and determines if a business is indeed eligible and how much they are entitled to receive.
What is it all based on? In a nutshell, W-2 employees. How many you had determines how much you get and if you were partially shutdown by the government or suffered a loss in revenue because of Covid-19 is how your business will qualify.
The concept is simple – if you kept your employees employed and paid them even though you were losing money and being shutdown by the government – then you are owed a refund of a portion of that money from the U.S. Government.
Should be easy – right?
Well, like anything else involving the U.S. government or the I.R.S. , they make it way more complicated than it needs to be. But that is the hand we are dealt and just like most businesses have an accountant or tax professional do their business taxes for them – ERTC filing companies have come into existence to do the same thing for businesses who wish to file for the ERTC.
It’s complicated and takes a specialist. A CPA trained specifically in ERTC funding. Most company’s own general accountants, CPA’s or tax professionals are not aware or not familiar enough in the intricacies of qualifying, claiming and other ERTC specifics.
This is where the ERTC specialists come in.
The legitimate ones are solely focused on filing ERTC claims and they are usually run and staffed strictly by former I.R.S. professionals or business CPA’s. It takes professionals who are specialists in their field to do all the due diligence necessary to get a business every cent of it’s funds that are owed.
The ERTC companies charge a percentage of the refund due the business. This is why this has become such a lucrative and popular business service. Businesses are owed millions of dollars and these companies have found a way to make money while in turn helping the business owner that may otherwise not ever know where to begin to apply for the funds.
That’s the basic gist of the whole thing. It’s not a mystery and it’s not a scam. But it’s complicated and confusing and this has created an entire industry of legitimate and of course, as usual, some illegitimate companies who are all marketing to everyday business owners in order to make a commission while in turn helping the U.S. business owner who was negatively impacted by the Covid-19 pandemic.
The Rise of Specialized ERC Service Providers
For several businesses, their first introduction to the ERC hasn’t been through government pamphlets or mainstream news. Instead, it’s been through proactive outreach by dedicated ERC service companies. These firms, recognizing the labyrinthine nature of the ERC, have stepped up, offering guidance and clarity.
Take “ERC Specialists,” for instance. They’ve carved a niche, specializing solely in the ERC domain. Beyond just offering information, they delve deep, providing businesses with a holistic understanding of the ERC. From offering a complimentary eligibility check to assisting with the cumbersome paperwork, they position themselves as true partners in the process.
Key Considerations When Opting for an ERC Service Provider
The surge in ERC service companies underscores the importance of being selective. Here’s a checklist for businesses:
1. Knowledge and Expertise:
The ERTC isn’t just about filling out a form or uploading some business financials. It intertwines tax implications, federal guidelines, unique business scenarios and the individual needs of businesses. Your chosen partner should have a deep understanding of these areas, be well versed in the I.R.S. ERTC guidelines and be thoroughly familiar with all things ERTC and how it applies to your business and potential claim.
2. Cost Structure:
Many companies, ERTC Specialists – ERTC Indiana included, operate on a “no-win, no-fee” premise. This ensures you’re not financially committed unless you successfully receive the credit. ERTC Specialists, for instance, charges a straightforward 15% fee on the granted credit amount, and nothing upfront.
3. Transparency and Ethics:
Beyond just understanding their cost, it’s crucial to evaluate their business practices. It’s not just about getting the credit, but ensuring that you’re partnering with a company that values transparency, honesty, and ethical operations.
The Underlying Value of Using An ERTC Service Provider
The role of companies offering ERTC-related services can’t be undermined. Their existence underscores the complex nature of the federal tax/credit system, and their services could very well be the bridge connecting businesses to a lifeline they weren’t even aware existed.
Navigating the ERTC landscape is no walk in the park, which is why having a reliable partner is crucial. The constant calls and emails from ERTC service providers might seem incessant, but their underlying motive is clear: helping businesses harness the full potential of the ERTC. These specialized firms play a pivotal role in demystifying the ERTC, making it more accessible and understandable.