Get up to
$26,000
per employee
-
• Grow your business
or pay off debt - • No upfront fees. No Credit Check.
-
• This is not a loan, this is a free tax
refund from the government that
does not need to be paid back. - • The average refund is $200,000
A Premier Consulting and Management Company
Interconnect Financial Group’s mission is to help small to medium size American businesses overcome the challenges of today’s business climate. Unlike other consultancies, we are a no risk, contingency based cost savings consulting and management company working with our clients to implement quantifiable solutions to their most critical concerns. This includes government tax credits, tax consultancy services, team extension resources, cybersecurity and management consulting. We are a partner-centric organization committed to collaboratively become a strategic ally to our collective clients by providing world class service.
What is the Employee Retention Credit?
Created by the CARES Act, the Employee Retention Credit (ERC) is an economic stimulus program that was developed to encourage and reward employers, (essential and non-essential) who retained existing employees throughout 2020 and for the first three quarters of 2021 by offering a significant payroll tax refund through the IRS.
Eligible businesses can receive a refund of up to $5,000 per employee for all of 2020 and up to $7,000 per employee kept on the payroll for each quarter for Q1 through Q3 of 2021. That’s a total refund of up to $26,000 per employee kept on your payroll.
Retention Program Amendments
It was amended various times to ensure that big and small businesses get the compensation they deserve. Here are the 3 amendments that took place:
The Taxpayer Certainty along with the disaster Tax Relief Act of 2020
(Relief Act) revised and extended this economic stimulus for the first and second calendar quarters of 2021.
The American Rescue Plan Act of 2021
(ARP Act) altered and extended this tax retention credit for the third and fourth quarters of 2021.
The Infrastructure Investment and Jobs Act
(Infrastructure Act), terminated ERC for wages received in the fourth quarter of 2021 for employers that are not recovery startup businesses.
Get Your Refund.
- • There are filing deadlines (see graph below)
- • And like the Paycheck Protection Plan (PPP)
- It’s First Come First Serve
- • When the money runs out THAT'S IT!
Paycheck Protection Program recipients are now eligible
The ERC was not widely used until March 2021, when updated IRS regulations made this type of COVID-19 Relief more accessible. In short: thousands of businesses who once picked between the Paycheck Protection Program (PPP) and ERC can now use both stimulus programs, by amending their quarterly Form(s) 941 payroll returns.
This incentive pays a greater incentive for eligible employers than the Paycheck Protection Program because you are NOT required to use it for business expenses. It is NOT a loan, it is YOURS to keep.
We can help small to medium size companies with 5-500 employees.
How Do I Qualify?
You must be a “small business”
The government has defined a “small business” as:
Any employer that operates a trade, business, or a tax-exempt organization.
This was expanded for the ERC 2021 to include some governmental employers.
Having less than 100 full-time employees (calculated from 2019) for the 2020 ERC refund.
Having fewer than 500 full-time employees (calculated from 2019) for the 2021 ERC refund.
AND
Your business may be eligible for the ERC if it meets either of the following criteria:
Decline in Gross Revenue. Each quarter is independently measured against the comparable quarter in 2019, a required 50% decline in 2020 (Q1, 2, 3, 4), and/or a required 20% decline in 2021 (Q1, 2, 3)
Decline in Gross Revenue.
Each quarter is independently measured against the comparable quarter in 2019, a required 50% decline in 2020 (Q1, 2, 3, 4), and/or a required 20% decline in 2021 (Q1, 2, 3)
OR
Full or Partial Suspension of Operations
The second way to qualify is if your business experienced a full or partial suspension of operations. A governmental order that results in a reduction in an employer’s ability to provide goods or services in the normal course of the employer’s business of not less than 10 percent will be deemed to have more than a nominal effect on the employer’s business operations.”
The considerations for determining the nominal effect are that you would be able to say yes to at least one of the bulleted items in the list of Covid Operational Qualifiers below. These are examples of disruptions, or modifications you may have made to the operation as a result of government orders.
Full or Partial Suspension of Operations
The second way to qualify is if your business experienced a full or partial suspension of operations. A governmental order that results in a reduction in an employer’s ability to provide goods or services in the normal course of the employer’s business of not less than 10 percent will be deemed to have more than a nominal effect on the employer’s business operations.”
The considerations for determining the nominal effect are that you would be able to say yes to at least one of the bulleted items in the list of Covid Operational Qualifiers below. These are examples of disruptions, or modifications you may have made to the operation as a result of government orders.
If you answered yes to any of the above?
Then there is a high probability that your business
is qualified.
Find out what your business may be eligible to receive, with no upfront costs
Your refund amount is based on many factors, including:
Qualifying quarters
Number of employees
Hours worked
Participation in other government programs
PPP Loans
Group health premiums
Wages paid
Professional Affiliations
The IRS Can Be a Bit Overwhelming
Related LInks
“I Don’t Have Time For Doing This!”
“HELP!”
It Can Become a Jekyll & Hyde Experience
No Worries, That’s Why We’re Here.
Working with Interconnect Financial Group you can just
Sit Back and Relax!
Sit Back and Relax!
PPP was a forgivable loan. ERC returns the payroll taxes and healthcare expenses that your business has already paid. Once your business receives the ERC funds from the US Treasury, it does not have to pay back the credit.
The program began on March 13th, 2020 and ends on September 30, 2021, for eligible employers.
Yes, if by rare chance the IRS sends a letter requesting documentation to support and documents cannot be provided, a portion of your refund would be required to be sent back. The provision protects you, our client. In this case we would be required to refund our business client the equal portion of our consulting fee back to you.
There are no up-front fees or obligations to determine your ERC eligibility and refund analysis, and you will never pay out-of-pocket. Once your credit is successfully processed with the IRS, our fee is lower than the competition at 15% of the amount of your credit. We only get paid if you get paid and there are no other hidden fees or obligations. Our fee includes the preparation of your claims by a certified professional CPA or Tax Attorney who is experienced in qualifying, substantiating, calculating, and claiming ERC refunds.
Most payroll companies and CPAs are generalists. They focus on the basic general areas such as bookkeeping, filing taxes, preparing daily cash deposits, tracking of accounts payable and receivable, and performing monthly account audits.
Specialist CPAs specialize in areas of specialized focus such as forensic auditing, valuation services, financial planning and such. Similar to a Primary Care doctor vs. a Cardiologist, Endocrinologist, Rheumatologist, etc.
Because of this most pass the liability on to the business or business owner. To insure protection to our clients our partners have Professional liability E&O (Errors & Omissions) insurance as well.
Your also protected as our team works within the framework of IRS Circular 230
Most Payroll and CPAs do not specialize in government incentive or ERTC Tax Codes. For this reason, some of our clients were told they were not eligible for ERTC by their CPA or Payroll Companies.
Incorrect Calculations which may translate into lower ERTC refunds or exaggerated calculations leading to a potential audit.
No, if you are the majority owner (over 50%) of your company then your wages do not qualify. 1099 Employees do not qualify for ERTC, unlike PPP.
The program is a first come first serve basis. Many businesses didn’t receive PPP because the funds ran out. Therefore, all eligible employers will receive the funds when applied.
Your ERTC filing deadlines are:
2024 April 15th to file for 2020 refunds
2025 April 15th to file for 2021 refunds
What happens after I submit my ERTC application?
After you complete your ERTC application, expect to hear from a team member as they guide you through the next steps of the process, including:
Gathering required documentation. (No guesswork)
Identifying all opportunities to maximize the credit. (Expertise counts)
Preparing & filing required tax forms on your behalf. (Make it easy)
Keeping you updated after your ERC application is complete. (Don’t miss a thing)
Yes. Under the Consolidated Appropriations Act, businesses can now qualify for the ERC even if they already received a PPP loan. Note, though, that the ERC will only apply to wages not used for the PPP.
2020: Up to $5,000 per W-2 employee. SMB’s are eligible to receive up to 50% of “qualified wages” (up to $10,000 per employee) paid out from March 13, 2020 through the end of 2020.
2021: Up to $21,000 in credits per W-2 employee. The government loosened things up for 2021 and increased the credit to 70% of “qualified wages”—up to $10,000 per employee, this time per quarter. (Q1-3)
Note: Different rules apply if you qualify for “Recovery Startup” Tax Credit, if your business start date is after Feb 15, 2020 with less than $1 million in gross receipts. Must have paid W-2 employees.
In total, you could potentially receive up to $26,000 in tax credits per W-2 employee payroll tax filings throughout all of 2020 and three quarters of 2021.
NO, you do not have to repay the Employee Retention Tax Credit. This is not a loan. ERC is a reward to business owners for retaining their employees during their qualifying periods.
The ERC credit is not considered income for federal income tax purposes, but a reduction of payroll, so you must reduce any deductible wage expenses by the amount of the credit.
Possible. Wages of owners who have majority ownership, defined as over 50%, do not qualify, nor do the W2 wages of any immediate family members of that owner who owns over 50%. In the case an owner has less than 50% ownership, their W2 wages qualify, as do the W2 wages paid to immediate family members. In some cases, two partners who are unrelated each own 50%, then both of their W2 wages qualify.
Determining the proper amount of a refund is a complex accounting process. Although these are payroll tax credits, what you’ve paid in payroll tax has no bearing on your ERC calculations. The refunds are based on many factors including qualifying quarters, number of employees, hours worked, wages paid and if applicable, PPP loans, group health premiums and participation in other government programs to name a few.
Due to the overwhelming response of businesses applying, the IRS is taking 2-4 months to process ERTC files. They directly mail you the approval letter and the checks.
Yes, Team up with InterconnecT Financial Group, and get paid for every business you refer that has filed an ERC claim through us and completed our 5-step process.
Why us?
Unlock every credit
Our Certified CPA’s focus on maximizing your ERC refund.
Our Team of Professionals at your fingertips
Our team is here to guide you every step of the way.
You will be assigned a specific ERC Specialist who will be in constant communication throughout the process with you and your staff.
No upfront fees, No hidden fees, full transparency
We only collect a fee when your business gets its refund.
Streamlined Process
Don’t wait for your accountant to “look into it” or “figure it out.” Most CPAs haven’t taken the time to understand the 170+ pages of official ERC guidance. Fortunately, our ERC Certified Tax CPA Partners know and understand the in’s and out’s of the tax codes and are able to guide your filing around the bumps in the road so it’s all a smooth ride. Our streamlined end-to-end filing process simplifies the complex claims process.
Forensically Focused
Our CPAs specialize in specific fields such as forensic auditing, valuation services, financial planning research & development government tax refund and employee retention tax credit program.
Your also protected as our team works within the framework of IRS Circular 230
We deliver an audit-ready file to our clients. This provides avoidance of Incorrect Calculations which translates into more accurate ERC refunds avoiding potential audits.
White Glove Service
Our collective team of certified CPAs, administrators, and ERC specialists put all
the pieces together Insuring a successful outcome
What's in the Box?
Included In Our Services:
• Thorough evaluation regarding your eligibility
• Comprehensive analysis of your claim
• Guidance on the claiming process and documentation
• Specific program expertise that a regular CPA or payroll processor might not be well-versed in
• Fast and smooth end-to-end process, from eligibility to claiming and receiving refunds
We make it easy. Our 5 step process
Your ERC Refund Starts Here
OUR Average ERC amount we secure is $150,000- $400,000.
How much is waiting for your business? Get qualified in minutes NOW.
Did we check all the boxes?
“We think so”
Become a client and Interconnect Financial Group will make a charitable donation with our partners below to plant 100 trees on your behalf.
