Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader’s Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.
One form of relief offered to small businesses is the Employee Retention Tax Credit. First introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this tax credit could be claimed by eligible employers on quarterly tax returns. This program was expanded by the Consolidated Appropriations Act signed into law in December 2020, making the credit accessible to more employers.
The SBA offers a variety of loan programs that vary according to business needs. Its flagship program is the 7(a) loan program, which offers loans for most general business purposes. However, it also offers special programs such as microloans and disaster loans. Find out more about SBA loans, including who qualifies.
QuickBooks Online is cloud-based accounting software. It has the complex accounting capabilities that small business owners need and supports numerous integrations. Quickbooks Online has a lot to offer in terms of features, accounting, and usability.
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Yes, it is possible to receive the employee retention credit even if you’ve received a PPP loan. However, you can’t claim the ERC for any portion of wages used to qualify for the PPP loan or PPP loan forgiveness.
How you record the ERC as a journal entry depends on when you claimed the credit and if you received it as a refund. You can record the transaction by debiting the Income Tax Expense account and crediting the Cash account if you claimed the ERC on your quarterly return. If you filed an amended return to receive a refund, you will record a debit in your Cash account and a debit under the Income Tax Expense account.
The IRS currently has a backlog of ERC claims, and the current estimated time to receive your ERC is anywhere from four to 12 months. Some ERC funding companies also take several weeks to complete and submit your claim, so make sure that you add in this extra time if you use a third-party service.
It is not too late the claim the ERC. If you qualify, you can file an amended quarterly return using Form 941-X to receive the tax credit in the form of a refund.
The ERC is calculated based on the amount of qualified wages paid by eligible employers to their full-time employees in 2020 or certain calendar quarters of 2021.
Stenson Tamaddon is a company that helps businesses nationwide calculate and claim the Employee Retention Tax Credit. They also help businesses claim other niche tax credits like the Research and Development Tax Credit and other work opportunity tax credits.
Omega Accounting Solutions can help business owners claim the Employee Retention Tax Credit and the Research and Development Tax Credit. Omega also offers additional services, including fractional CFOs, fractional accounting, business intelligence, analytics, and reporting.
ERC Today takes the guesswork out of claiming the ERC. ERC Today does all of the heavy lifting to help business owners determine if they qualify for ERC, calculate the amount of ERC, and file the proper paperwork with the IRS to receive a refund check.
ERC Specialists can help business owners claim the employee retention tax credit. For a fee, ERC Specialists calculates the amount of the credit and files amended tax returns on the business’s behalf to retroactively claim the tax credit as a refund from the IRS.
Innovation Refunds is a solid choice for processing your ERC claims. A free analysis, dedicated account representatives, built-in audit support, an easy application process, and excellent customer reviews make Innovation Refunds a solid contender in the industry, landing it among the best ERC companies.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
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