Let Open Advisor Find the Best ERC Company for You
At Open Advisor, we help business owners like you find the tax credit preparation company that makes the most sense for your business.
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After the CARES Act was passed and the Employee Retention Credit was created, we knew business owners would need a convenient solution to help them find the best ERC tax credit companies.
Every situation is different, especially when it comes to the Employee Retention Tax Credit, (ERTC or ERC). You want to make sure you work with a reputable ERC company that won't leave you audited and alone down the road.
We only work with the top, reputable ERC companies that reliably maximize their customer's Employee Retention Credit. Take 15 seconds to fill out our form to find the best ERC company for your business to maximize your credit!
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Frequently Asked Questions about the Employee Retention Tax Credit
What is the ERC?
The ERC or Employee Retention Credit, also referred to as the Employee Retention Tax Credit, is a fully refundable payroll tax credit. ERC was created in order to help businesses that were impacted by the Covid-19 pandemic.
Who Qualifies for the Employee Retention Tax Credit?
Employee retention credit eligibility can be determined by certain ERTC qualifications, and every situation is unique. You are likely eligible for the ERTC if you were impacted in revenue or in operation by a government shutdown because of the Covid-19 pandemic. Open Advisor can help you determine if you are eligible for the ERTC as well as find you the best partner to work with.
How do You Apply for the Employee Retention Credit?
The Employee Retention Credit (ERC) is equal to 50% of the qualified wages paid to each employee through the end of 2021. To apply for the ERC, businesses must file Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund. This form can be filed up to three years after the original payroll taxes were due. The following are the steps on how to apply for the ERC: 1. Determine your ERC eligibility. 2. Calculate your credit. The amount of your credit will depend on the number of employees you kept on payroll and the amount of qualified wages you paid. 3. File Form 941-X. You can file Form 941-X online or by mail. 4. Claim your credit. You can claim your credit on your federal income tax return. Following these steps is easier said than done. Without true expert guidance on filing ERC, you may end up only receiving a fraction of the money you are owed.
How Long Does it Take to Get Your ERC Refund?
The processing time for ERC refunds can vary depending on a number of factors, including the volume of claims being processed by the IRS, the complexity of your claim, and whether you filed your claim online or by mail. In the early days of the ERC program, the IRS was processing refunds within four to six weeks. However, due to the high volume of claims, the processing time has lengthened significantly. The IRS is currently processing ERC refunds within six to eight weeks, but some businesses have reported waiting up to twelve months for their refunds. If you are filing your claim online, you may receive your refund more quickly than if you file by mail. This is because the IRS can process online claims more easily and quickly. You can check the status of your ERC refund by logging into your IRS online account or by calling the IRS or by calling the IRS at (800) 829-4933. The IRS will provide you with the status of your refund and an estimated date of payment.
Can You Get the Employee Retention Credit and PPP?
Yes, you can get the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP) loan. However, you cannot use the same wages to claim both credits. The ERC is a tax credit that is equal to 50% of the qualified wages paid to employees during the covered period. The PPP loan is a loan that can be used to cover payroll costs, rent, and other expenses. To be eligible for the ERC, you must have paid qualified wages to employees during the covered period and you must have reduced your workforce by no more than 10% during the covered period. To be eligible for the PPP loan, you must have experienced a significant decline in revenue due to the COVID-19 pandemic. If you have received a PPP loan, you can claim the ERC for any qualified wages that were not used to repay the loan. For example, if you used your PPP loan to cover payroll costs for the first three months of the covered period, you could claim the ERC for the wages you paid to employees during the last three months of the covered period. The IRS has a worksheet that you can use to determine if you are eligible for the ERC and to calculate the amount of the credit you are entitled to. You can find the worksheet on the IRS website.
Are There Employee Retention Credit Scams?
Yes, there are Employee Retention Credit (ERC) scams. These scams typically involve scammers contacting businesses and claiming to be able to help them claim the ERC. The scammers may charge a fee for their services, or they may simply steal the business's personal information. ERC is legit, but because companies are eager to claim their credit, scammers will over simplify the process. They may claim to have filed for you for an upfront fee, and even if a company does file for you, they may have done so incorrectly, leaving you suscrptible to an audit. Solving this problem is Open Advisor's mission - to demystify the process and help you separate the trusted companies from the scammers and amateurs.
How Do You Find the Best ERC Tax Credit Companies?
The best ERC company for you depends on your circumstances, like how many employees you have, your industry, how long you are willing to wait for funds, or the fee you are willing to pay. The best way to find a reputable ERC company is by taking the Open Advisor quiz. Open Advisor is the only unbiased third party advisor offering free advice on finding top ERC companies.