The Employee Retention Credit
In the dynamic landscape of business, the concept of retaining valuable employees has gained significant importance. The Employee Retention Credit (ERC) stands as a powerful tool, offering businesses an opportunity to not only retain their workforce but also save on taxes. With the goal of boosting employee retention and stimulating business growth, this credit has become a game-changer for companies.
The Employee Retention Credit gives businesses the flexibility to allocate resources where they are needed most. Whether it’s investing in operations, innovation, or employee development, ERC allows for strategic decision-making.
Additionally, as the name suggests, the ERC gives businesses the flexibility to allocate resources where they are needed most. Whether it’s investing in operations, innovation, or employee development, ERC allows for strategic decision-making.
In times of economic uncertainty, every bit of financial relief matters. ERC provides businesses with substantial credits that can be used to offset employment taxes, ultimately easing the financial burden.
Find out if you qualify for the Employee Retention Credit
Volpe is a St. Louis-based accounting firm working with clients around the United States. We offer a free application check to see if your business qualifies for the Employee Retention Credit.
Volpe offers a free evaluation to see if you qualify for the ERC even if your application was denied or you were told by another accounting / financial firm has told you that you do not.
The IRS States, “In order to claim the new Employee Retention Credit, eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns, which will be Form 941 for most employers, beginning with the second quarter. The credit is taken against the employer’s share of Social Security tax but the excess is refundable under normal procedures.”
If your application was filled out incorrectly or an accounting firm did not do a thorough enough background check, you may have been denied even if you do meet the requirements to receive the Employee Retention credit.
Get help submitting your ERC Application from Certified Accountants
If your company does meet the requirements, the accountants at Volpe Consulting will help you fill out your application and submit it to the proper department.
Most small businesses will need help to both determine if they qualify for the Employee Retention Credit and also with the process of claiming their Credit. We will help you claim your credit and can help remove all of the stress that comes with filling out paperwork and making sure the process goes as smoothly as possible.
Thorough documentation is essential to support your ERC claim. Our comprehensive process ensures you have all required forms and records to substantiate your credit application.
Tips when submitting your Employee Retention Credit application
Our accountants here at Volpe Consulting have compiled tips to ensure your ERC application stands out and maximizes your chances of approval:
Compile thorough documentation
Compile all necessary documentation meticulously, including financial records, employee data, and other relevant information.
Make sure your numbers and calculations are accurate
Precise calculations of qualified wages and eligible employees are vital to receive the full credit amount you deserve.
Submit your application to the right place and on time
Not only do you need to make sure your application is submitted at the correct location, adhering to submission deadlines is critical. Failing to apply within the stipulated time frame could result in missed opportunities.
Due to all of the complexities involved with applying for the Employee Retention Credit in 2023, we strongly suggest consulting with the accountants and Volpe to, at the very least, answer any questions you may have. You will likely see that your best chance of qualifying for this financial assistance is to let someone with both experience filing applications to the IRS and, most importantly, experience filing a successful ERC application.
Why you should take advantage of the ERC
In the ever-evolving world of business, the Employee Retention Credit stands as a beacon of hope, offering financial support and incentives to retain valuable employees. With its remarkable features and benefits, ERC has proven to be a valuable tool for businesses seeking stability and growth. By understanding the nuances of this credit and leveraging its advantages, companies can navigate challenges, retain their workforce, and emerge stronger than ever before.
Qualifying for the Employee Retention Credit is a strategic move that can significantly benefit your business. By meeting the eligibility criteria and navigating the application process with precision, you can secure valuable financial relief and ensure the continued growth and success of your company.
By successfully claiming the ERC, your business can enjoy a range of valuable benefits, including:
Financial assistance and relief
The ERC provides a significant credit against employment taxes, helping you alleviate financial burdens and maintain cash flow.
Continue retaining your employees
Retaining skilled and dedicated employees is essential for business continuity and growth. The credit incentivizes you to keep your workforce intact.
Continue growing your business
Utilizing the ERC effectively can give your business a competitive advantage, allowing you to allocate resources strategically and invest in growth opportunities.