Recover Up To $26,000 Per Employee As A Payroll Tax Refund
Update: The IRS recently announced that they have paused processing some applications for the ERC.
The IRS is focusing their attention on the select ERC marketing companies that are not following the rules and regulations that have been put in place. The IRS is trying to clean up the “ERC fraud” that has been occurring as a result. There are some business owners that are being scammed by unscrupulous actors and aggressive marketing. There is growing evidence of questionable ERC claims which has created unacceptable risks to businesses and the tax system.
This should only delay the approval process of SBAM members getting their ERC refund approved by three months. We are still submitting business as usual with our trusted and vetted ERC partners, CLRA Group and Occams.
The Employee Retention Credit (ERC) was approved under the CARES Act for employers affected by the COVID-19 pandemic as an inducement to keep their employees on the payroll and off of unemployment compensation. The ERC is a refundable tax credit per employee by an eligible employer. You can receive up to $26,000 per employee!
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 possibly use both, by amending their Quarterly Form(s) 941.
It’s not too late. SBAM’s approved partner vendors can help you with the application process and get you your refund. Even if you’ve been told that your company doesn’t qualify, let us make absolutely sure you aren’t entitled to a tax credit.
Please note that you must be a SBAM Basic level member or higher to participate in the SBAM ERC program. Please click here to review your membership options.