[vc_row full_width=”stretch_row” el_class=”faq-sa” css=”.vc_custom_1682068847235{background-color: #ecf8fd !important;}”][vc_column][vc_column_text]

Frequently Asked Questions

faq [/vc_column_text][/vc_column][/vc_row][vc_row full_width=”stretch_row_content_no_spaces” el_class=”faq-va” css=”.vc_custom_1681539263507{background-image: url(https://ercprofessionalgroup.com/wp-content/uploads/2023/04/faq-va.png?id=512) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}”][vc_column][/vc_column][/vc_row][vc_row el_class=”faq-space”][vc_column][vc_empty_space height=”40px”][/vc_column][/vc_row][vc_row el_class=”faq_secB”][vc_column][vc_tta_accordion color=”white” c_icon=”chevron” c_position=”right” active_section=”0″ collapsible_all=”true”][vc_tta_section title=”Why do I need an ERC specialist?” tab_id=”1681192340306-7342525b-50be”][vc_column_text]The ERC Professional Group is a specialty tax service affiliated with a Florida Tax Law firm which together are exclusively devoted to understanding, interpreting, maximizing and then claiming the CARES Act Employee Retention Credit (ERC) for businesses impacted by Covid-19.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Do I have to repay the ERC Credit?” tab_id=”1681194746065-6d1408cc-0657″][vc_column_text]No. The Employee Retention Credit is a fully refundable tax credit that eligible employers claim against certain employment taxes. It is not a loan and does not have to be paid back.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How much do you charge?” tab_id=”1681194756170-b25f1941-24ed”][vc_column_text]Our service charge is based on a percentage of the credit recovered. We calculate and provide our fee along with our free analysis. In addition, our fee includes the cost of a Legal Tax Opinion Letter by a CPA – Tax Lawyer with an L.L.M. in Taxation. Using the right team for this process pays for itself. Check out our fee structure here.[/vc_column_text][/vc_tta_section][vc_tta_section title=”Can I get ERC Funds if I already took the PPP?” tab_id=”1681194752018-889642fa-a62e”][vc_column_text]Yes. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, modified the ERC credit rules. One of the modifications included allowing a company to have a PPP loan and still take advantage of the ERC credit. However, you can’t claim the ERC with respect to PPP funds used to pay payroll that were forgiven – no double dipping! We consider this when calculating your ERC credit.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How do I check the status of my ERC refund?” tab_id=”1681195360689-72871ad2-14a3″][vc_column_text]To check the status of your refund, you can call the IRS directly at (877) 777-4778. You can also always reach out to our Client Success Manager for updates and assistance during the refund processing period.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How long will it take to get my refund?” tab_id=”1681195373184-9b8a17a3-05ba”][vc_column_text]It has taken our clients three to six months to receive their refund from the IRS. If you need the funds sooner, we work with several lenders who will advance up to 65% of the ERC amount, particularly when your ERC Application is supported with a Legal Tax Opinion Letter.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How is the refund calculated?” tab_id=”1681195372760-54842afd-fee1″][vc_column_text]Determining the proper amount of a refund is a complex accounting process, requiring detailed accounting schedules which can facilitate the processing of the amended payroll tax returns. The credit is based upon 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.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How is ERC different from the Paycheck Protection Program (PPP)?” tab_id=”1681195372592-44d82396-3c66″][vc_column_text]PPP was a forgivable loan. ERC refunds the payroll taxes that your business previously paid. Once your business receives the ERC funds from the US Treasury, it does not have to pay back the credit unless of course the IRS later determines that your business does not qualify.[/vc_column_text][/vc_tta_section][vc_tta_section title=”How do I know if my business qualifies?” tab_id=”1681195372376-031e9e81-3700″][vc_column_text]If your business experienced disruptions or was negatively impacted by Covid-19 due to a government order, it may qualify. These disruptions might include supply chain disruptions, price increases, reduced hours, reduction in goods or services offered, inability to travel or attend conventions. Talk to one of our ERC Specialists to find out more.[/vc_column_text][/vc_tta_section][vc_tta_section title=”My business was profitable and deemed essential, can I still qualify?” tab_id=”1681195372024-2983df4e-b168″][vc_column_text]Yes. Both Essential and Non-essential businesses can qualify, and a decline in revenue is not a requirement. Many businesses that qualify have had increases in sales, yet still experienced disruptions or were negatively impacted.[/vc_column_text][/vc_tta_section][/vc_tta_accordion][/vc_column][/vc_row][vc_row el_class=”faq_secC”][vc_column][vc_column_text]

FAQs

Frequently Asked Questions

Not seeing what you are looking for?