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The ERTC
FAQs
Begin Your Claim


THE ERTC EXPERTS

Focused solely on maximizing your refundable claims for the Employee Retention
Tax Credits with a simple process that requires less than 15 Minutes of your
time.

Begin Your Claim



THE EMPLOYEE RETENTION TAX CREDIT

Maximizing Your Claims For Keeping Americans Employed
The government has authorized unprecedented stimulus, and yet billions of
dollars will go unclaimed.




FUNDED BY THE CARES ACT

Originally created to encourage businesses to keep employees on the payroll as
they navigate the unprecedented effects of COVID-19.
The ERTC was established by the Coronavirus Aid, Relief, and Economic Security
(CARES) Act, and provides a credit equal to 50 percent of qualified wages and
health plan expenses paid after March 12, 2020 and before Jan. 1, 2021.

A per-employee $10,000 maximum of qualified 2021 wages (Q1, Q2, Q3).

That is a potential of up to $21,000 per employee!


NO RESTRICTIONS - NO REPAYMENT

This is not a loan.
While the ERTC was created in the CARES act along with the PPP Loans - this is
not a loan, there is no repayment.

There are no restrictions for what recipients of the credit must use the funds.


UP TO $26,000 PER W-2 EMPLOYEE

Full Time and Part Time Employees Qualify.
The 2020 ERC Program is a refundable tax credit of 50% of up to $10,000 in wages
paid per employee from 3/12/20-12/31/20 by an eligible employer.
That is a potential of up to $5,000 per employee.

In 2021 the ERC increased to 70% of up to $10,000 in wages paid per employee per
quarter for Q1, Q2, and Q3.
That is a potential of up to $21,000 per employee.

Startups eligible for up to $33,000.


FREE, NO OBLIGATION PRE-QUALIFICATION

Let our expert team determine if you qualify for a sizable rebate.
By answering a few, simple, non-invasive questions our team of ERTC experts can
determine if you likely qualify for a no-strings-attached tax credit.

There is no cost or obligation to be pre-qualified.
Begin Your Claim


WHY CHOOSE OAK ST CONSULTING?

 * Guaranteed to Maximize Refundable Credits for Local and Small to Medium sized
   Businesses
 * So Easy That Your Entire Commitment is 15 Minutes
 * No Upfront Fees To Get Qualified - 100% Contingent on Your Refund
 * Audit-Proof Documentation for IRS Support
 * No Other CPA Firm Offers the 15 Minute Refund™

We only specialize in maximizing Employee Retention Tax Credits for small
business owners. You won’t find us preparing income taxes, compiling financial
statements, or providing attestation services of any kind.

When you engage us, rest assured that you’ve hired the best CPA Firm to lock in
this one-time opportunity for a large refund check from the IRS.

Begin Your Claim



FIND OUT WHAT OUR ACCOUNTING PROFESSIONALS CAN SECURE FOR YOUR BUSINESS TODAY

These are just some of the businesses we’ve helped in the past 30 days.

Business Consulting Firm in Newport Beach, California, 19 W-2 Employees;
$44,960 Credit 

Presentation Design Agency in Nashville, TN, 19 W-2 Employees;
$162,979 Credit

Restaurant Ownership Group in Florida, 224 W-2 Employees;
$1,120,000 Credit 

Restaurant in Houston, Texas, 80 W-2 Employees;
$400,000 Credit 

Montessori School in Addison, Illinois, 35 W-2 Employees;
$175,000 Credit


HOW DOES THE PROCESS WORK?

COMPLETE THE QUESTIONNAIRE

Start with the 10 simple questions on this site to begin your claim. We will
email you a secure link to an application questionnaire to be completed online.

UPLOAD DATA

Upload your 941 returns, PPP loan documents, and raw payroll data on our secure
portal.

CREDIT CALCULATION

We calculate the credit you can receive from the IRS.

APPLICATION PACKAGE

We will prepare and help you file the 941-X Amended payroll returns.

GET PAID

The IRS will process your credit and mail you a check.




BEGIN YOUR CLAIM

Ten Simple Questions 

Take advantage of this new COVID-19 employee retention credit while it’s
available. If your business has been affected by the pandemic you will qualify.





FAQ'S

MOST FREQUENT QUESTIONS AND ANSWERS

What is the Employee Retention Tax Credit (ERTC) and how is it different from
the Payroll Protection Program (PPP)?


The Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES
Act) was signed into law on March 27, 2020. It included two programs to assist
businesses with keeping workers employed: the Payroll Protection Program (PPP)
administered by the Small Business Adminstration and Employee Retention Tax
Credit (ERTC) administered by the Internal Revenue Service.

PPP funds are distributed based on 2.5 months of payroll and a minimum of 80% of
the funds must be used on payroll to be eligible for forgiveness. Additionally,
PPP funds are not taxable as revenue and you may still take deductions for the
payroll covered by PPP.

ERTC tax credits, however, are credits (or refunds) for a percentage of payroll
in each quarter that you qualify. There are specific rules for determining
eligibility by quarter, and limiting the dollars that can be claimed for each
employee.

I got PPP funds already. Can I also get ERTC?


Initially with the CARES Act, employers could choose to apply for PPP or claim
ERTC credits, but not both.

PPP was more beneficial than ERTC for most businesses (for reasons we won’t go
into here) and so most businesses with under 500 employees received forgivable
PPP Loans.

On March 11, 2021, The American Rescue Plan Act of 2021 was signed into law and
included many modifications and expansions to existing elements of previous
stimulus programs.

Noteworthy modifications for business owners included:

Businesses who applied for and received PPP funds could now also claim ERTC
credits.
ERTC credits could be retroactively claimed for businesses that qualified in
2020.
ERTC credits were extended through 9/30/21 with lower qualification
requirements.
The per-employee cap on qualifying wages increased from $10,000 for all of 2020
to $10,000 per quarter for the first 3 quarters of 2021.
The refundable credit amount increased from 50% of qualifying wages in 2020 to
70% in 2021.
So the short answer is “Yes” . . . you can claim ERTC even if you received PPP
funds.

How do I apply for ERTC tax credits?


Unlike the Payroll Protection Program (administered by the Small Business
Administration), there is actually no “application process” for the Employee
Retention Tax Credits.

You simply claim the ERTC tax credit like you would any other tax credit – by
asserting to the IRS that you can legally claim the credit.

When you claim a child tax credit, you do so by asserting this fact on your Form
1020 Personal Income Tax Return.

The difference is that when you claim an ERTC tax credit, you do so on your Form
941 Employer Quarterly Tax Filing.

For prior quarters, you must file an amended form (the Form 941-X) to reduce
your current quarter’s tax contribution and request a refund of excess credits
(which is highly likely).

Another perk of ERTC, is that since you can often estimate these credits in
advance of distributing cash for payroll, you can file a Form 7200 to receive a
cash advance to avoid waiting until the end of the quarter to apply for the
refund.

My revenue in Q1 2021 is back to pre-pandemic levels - so I must be ineligible -
right?


Even though you may feel like revenue is back to normal, there are some items
you want to consider before passing on this ERTC assessment.

First, even if revenues have returned to “normal” in 2021, you may have
qualified in 2020 and you can retroactively claim those credits. That
eligibility criteria in 2020 was based on revenue declines from 2019, or if your
business was partially or fully closed due to governmental mandate.

Second, while your revenue may have returned to “normal” in Q1 2021, remember
that we are comparing your Q1 2021 to Q1 2019. If 2019 was a year of growth for
your business, then your revenue levels 2 years ago may have been much less than
Q1 2020.

And lastly, if your revenues were down in Q4 2020 by just 20% compared to Q4
2019, then you may also be eligible for Q1 2021. There is a safe harbor
provision that few advisors are talking about, and it means that many businesses
are qualifying for $7,000 per employee in Q1 2021.

I know, it seems too good to be true, but the government wants to incentivize
and reward you for keeping US residents employed and money flowing through our
economy as we rebuild bigger and stronger than before.

I thought payroll taxes deferred in 2020 had to be re-paid. Does ERTC work the
same way?

You are most likely referring to a provision of the CARES Act that allowed
employers to defer the deposit and payment of the employer’s share of Social
Security taxes. Those deferrals must then be repaid – with at least 50% of the
balance due by 12/31/21 and the remaining balance due by 12/31/22.

ERTC credits are NOT a deferral. They are dollar-for-dollar credits
against wages you’ve paid. Not taxes you’ve paid, but actual wages.

These credits can offset future tax contributions or you can receive a refund
check – it’s your choice.

And you will NOT have to re-pay these funds (unless, of course, you don’t
provide adequate documentation in the course of an audit).

Why isn't my bank (or my CPA) talking about this?

Your banker, CPA, or Financial Advisor was probably very helpful when it came to
getting your PPP funds because they were effectively signing you to an
SBA-guaranteed loan. The SBA paid the bank administrative fees based on the PPP
loans they made, and so they were incentivized to educate you about the program
and get all your paperwork in order.

Compared to the ERTC, the PPP program was also a rather simple calculation. 2 ½
times your average monthly payroll including health insurance and state
unemployment taxes.

From the conversations we’ve had with bankers, they have no interest in
involving themselves in your employment tax compliance. For them it is a
liability and beyond their scope of services.

What about my Payroll Service Provider? Shouldn't they be on top of this?

Your Payroll Service does an excellent job of executing the fundamentals of
paying your employees, paying your employment taxes and filing your quarterly
reports.

But computing your ERTC credits requires visibility into your P&L and PPP
forgiveness applications. Not only that, but the complex requirements around
eligibility and allocating ERTC credits at the employee-level while accounting
for annual and quarterly qualifying wage gaps and . . . well, you can probably
tell why Payroll Services are not offering to do all of this for you.

The Payroll Services that we’ve worked with so far are happy to provide the
payroll registers that we need to perform the allocations. And they are happy to
file the Amended Form 941-X with the IRS on our client’s behalf.

But that’s the extent of it.

In fact, most wise Payroll Services are asking clients to sign an
indemnification waiver before submitting a Form 941-X because the Payroll
Service can take no responsibility for the accuracy of the ERTC credits you are
claiming.

For them to involve themselves in the intricacies of this calculation, it is a
liability and beyond their scope of services.

Will my Tax CPA handle this for me since they handle my income tax returns?

Whether your tax accountant is a CPA or EA, he or she most likely only prepares
your Federal and State Income Tax Returns. However, ERTC credits are claimed
against Employment Taxes on Form 941, and cash advanced through Form 7200.

The complexity of the ERTC program is a beast unto itself and every tax
accountant we’ve talked to has said they focus on staying up-to-date on the
ever-evolving income tax code, and they can’t now become experts in the ERTC
program as well.

If your tax accountant is comfortable determining your eligibility by quarter
and year, computing your credits, and preparing contemporaneous documentation to
support an IRS audit, then you should certainly let them handle all of this.

If you want a second set of eyes on this, we’re happy to take a look.

My bookkeeper has all my info . . . can they handle my ERTC claims?

Your Bookkeeper should certainly have access to all the information that is
needed for an accurate calculation of your legal ERTC claim. They will have your
financial reports, payroll registers, and PPP loan forgiveness documents.

The Million Dollar Question is . . . Do They Have The Time?

 * Do they have the time to dig into the text of American Rescue Plan Act of
   2021
 * And its accompanying referenced laws like: CARES Act, Families First
   Act, Payroll & Healthcare Enhancement Act, PPP Payroll Flexibility Act and
   the Consolidated Appropriations Act. 
 * Time to read the IRS Interpretations and FAQ’s? And cross-reference those
   definitions with that of PPP which was separately defined and dissimilarly
   interpreted in the Small Business Administration’s Bulletins and IFRs?
 * Do they have the time to ensure accuracy
   in eligibility determination, maximize your computation and create
   the supporting documentation you’ll need to support an IRS audit of employer
   taxes?

So far, we have not found a bookkeeper who is able to take all this on, while
handling the day-to-day of bookkeeping. If yours can, then take them up on their
offer. We’re happy to take a second look.


BEGIN YOUR CLAIM - ANSWER 10 QUESTIONS

Your time investment will be under 15 minutes – guaranteed.

And could be worth tens of thousands in free money. 

Begin Your Claim

Oak St Consulting

1855 E Main St Suite 14-156

Spartanburg, South Carolina 29307

stan@oakstconsulting.com

 

Copyright Oak St Consulting 2022