What is the Employee Retention Credit (ERC)?

The Employee Retention Credit (ERC) was created as an incentive under the CARES Act to encourage businesses to keep their employees employed even when the business fell below normal operational hours and transitioned into partial shutdown.

Be aware, some businesses do not qualify. The ones that do must meet specific criteria. The amount of the credit could be substantial to your business. Galileo Hunt can help you determine if you qualify for free.

Let us help you maximize your credit!

Which businesses qualify for the Employee Retention Credit (ERC)?

An Eligible Employer is an individual that has continued their trade or business during the relevant calendar year, including tax-exempt organizations, that have either:

1) completely or partially halted operations during any calendar quarter due to the COVID-19 crisis (restrictions apply) or

2) experienced a notable diminishment in “gross receipts” during the relevant calendar quarter (restrictions apply)

How much money can I get back from the Employee Retention Credit (ERC)?

The most current version of the The Employee Retention Credit (ERC) provides a refundable tax credit of up to:

$5,000 for each full-time employee

 retained between October 1, 2020 and December 31, 2020

$28,000 for each employee

retained between January 1, 2021 and December 31, 2021

$33,000 per employee is significant and adds up quickly. If you calculate your credit incorrectly on your own, you’d be leaving a lot of money on the table. This is why you need the sophisticated team of experts at Galileo Hunt to help determine how much the IRS owes you.

Let us help you maximize your credit!

Will the IRS audit my taxes after receiving the Employee Retention Credit (ERC)?

Most likely, YES! The IRS may audit every business who files for the Employee Retention Credit (ERC) .It is extremely important to seek the help of someone who is familiar with the process to ensure your audit file is iron clad and prepared in advance before the IRS audits your company, as well as to make sure you are receiving the highest possible credit back from the IRS.

Where can I file the forms for the Employee Retention Credit (ERC)?

You will apply for the credit using your current payroll provider. You, the business, will need to provide the payroll provider with the amount of credit you qualify for.

DO NOT recommend using your current bookkeeper or accountant to apply for these credits as they do not have the knowledge or experience to fill out the forms correctly (possibly leaving a lot of money on the table) or to protect your business in the event of a failed audit.

Galileo Hunt is a reputable firm with a team of experts dedicated to helping businesses like yours navigate the 
Employee Retention Credit (ERC).

Contact us today!