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Deborah Weber brings decades of exclusive experience in tax representation and estate planning to every client matter.
ERC is a credit against federal payroll taxes for qualifying wages paid from March 13, 2020, through December 31, 2021. If you are a business owner trying to determine if you are entitled to claim the credit, Deborah can assist you.
When Covid-19 hit America in 2020, people stopped going out and started working more from home, becoming more and more isolated in an effort to reduce exposure to the deadly virus. Obviously, this significantly affected commerce and caused a significant downturn for many businesses due to lockdowns or limited operations.
As a result, Congress enacted several pieces of legislation providing financial assistance to individuals as well as businesses. One such opportunity for relief was the Employee Retention Credit, or ERC for short, with its main purpose being an incentive for businesses to maintain and continue to pay employees, thus keeping them on payroll, so they could, in turn, provide for their families during the crisis.
Recently, the IRS has also indicated its intent to seriously scrutinize claims made for ERC due to significant fraud already detected. It is important to determine eligibility and educate yourself regarding the process so that you can properly prepare for an audit should the business be selected after the credit is claimed.
With Congress's passing of the Covid-19 legislation and ERC in particular, Deborah became interested in the legislation and its impact on the economy and taxpayers, recognizing the likelihood of significant IRS audit potential due to the complexity of the legislation. As a result, Deborah has lectured on numerous occasions regarding eligibility for the credit and representing taxpayers during the audit process.
There are seven questions you need to ask:
- 1Did your business pay W-2 wages or health insurance in 2020 or 2021 to qualify for the credit?
- 2Was the operation an actual business or charity?
- 3What are the business's qualifying criteria? (Significant decline in gross receipts or shutdown due to a government order related to Covid-19.)
- 4Which wages are eligible for the employee retention credit?
- 5How much ERC does the business qualify for?
- 6How and when should the business apply for ERC?
- 7What are the costs and risks of applying for the credit?
Not sure which service applies to your situation?
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