The Employee Retention Tax Credit (ERTC) is an excellent way for employers who paid qualifying wages in 2020 and 2021 to get a refundable tax credit for those wages, even if they received PPP money. Miami CFO has helped more than 150 businesses obtain over $60 million in ERTC credits. Our simple 5-step process allows for applications to be completed in just a few days.
Step 1: Determine eligibility.
The first step is determining if your business is eligible for the credit. To be eligible, your business must have experienced either a full or partial suspension of operations due to a government order related to COVID-19 or a significant decline in gross receipts. If your business meets one of these criteria, you are eligible to apply for the credit.
Step 2: Gather the required documentation.
The next step is to gather the required documentation. You will need to provide your most recent tax return, as well as payroll reports from 2020 and 2021. Miami CFO can help you gather all of the necessary documentation.
Step 3: Calculate the credit, prepare the document, and file.
The third step is calculating the credit, preparing the document, and filing it. Miami CFO will help you determine the correct credit amount and complete all the necessary paperwork. We will then file the document on your behalf.
Step 4: Wait on the IRS to process your claim.
The fourth step is to wait on the IRS to process your claim. You can expect a turnaround time of nine to twelve months for a refund to arrive.
Step 5: Receive your credit!
The fifth and final step is to receive your credit! Once the IRS processes your claim, you will receive a check for the amount of the credit.
There are a lot of components to the ERTC program, and the eligibility rules are complex. But Miami CFO has helped numerous business owners maximize this refundable payroll tax credit. It’s always better to talk to an ERTC expert than assume your business doesn’t qualify.
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