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The Safe Way To Claim Employee Retention Tax Credits: Verity provides audit-ready reports for your business or organization.
Did you know that in 2020, the CARES Act introduced something called the Employee Retention Credit Program (ERC)? It came out at the same time as the Paycheck Protection Program, but not as many people know about it. But here’s the thing, it’s actually a really big deal for businesses of all sizes. The ERC program helps businesses get some of their money back that they used to keep their employees on the payroll during tough times caused by COVID-19.
Why use Verity rather than another Employee Retention Tax Credits company?
Because of the aggressive and inaccurate claims made by “ERC Mills”, the IRS has issued several warnings about being sure that your ERC credits are able to be verified. It’s important for businesses and organizations to be aware of the issue and take necessary precautions to ensure their ERC claims are valid. The IRS is demanding detailed documentation and proof of compliance with tax aggregation and attribution rules.
But with so much on the line, it can be overwhelming to try to tackle these audits on your own. That’s where Verity Tax Credits, LLC comes in. Our experts are here to help you navigate the complex world of the Employee Retention Tax Credits and deliver audit-ready reports that will give you peace of mind.
What Verity Delivers
Memos -Each report builds a solid qualification case and addresses statutory requirements like qualification methodologies, tax aggregation and attribution, interaction with other incentives, and qualified wages.
Qualifications Summaries -Supportable overviews that show exactly how your organization qualifies for the credit.
Qualified Wage Details - Quarterly breakdown of wage information by employee.
PPP Details (If Applicable) -Detail showing employee wages that were paid using PPP funds.
Government Orders - Location-specific orders and restrictions that negatively impacted operations during COVID-19.
Tax Credit Numbers - Accurate and supportable numbers which allow an organization to confidently claim the tax credits that they are eligible for.
What Other Companies Deliver
Memos - Our Research Team builds a solid qualification case for every client. They build timelines and arguments to prove your qualification for the ERTC.
Qualifications Summaries - Exactly how you qualify clearly laid out just as the IRS likes to see.
Qualified Wage Details - Breakdown of information on payroll by employee per quarter
PPP Details (If Applicable) - Detail showing wages that were paid using PPP Funds.
Government Orders - Location-specific Government Orders that negatively impacted your business during COVID-19.
Tax Credit Numbers -Numbers without the underlying documentation and support necessary to claim credits confidently.
We’re here to give you peace of mind by providing a comprehensive, audit-ready report. Our reports contain detailed memos, write-ups, qualification summaries, forms, employee support schedules, and government orders necessary to claim and sustain the Employee Retention Tax Credits. All credits are accurately prepared and fully supportable under statutes and regulations.
We are confident in the thoroughness of our documentation and the quality of our deliverables. You can rest easy knowing that your credits are being prepared by industry professionals.
Verity Has Helped
And many more…
The Verity Way:
The Verity team will review your documentation to see if your business had the necessary decline in gross receipts or conduct the necessary research to ensure that your business meet the IRS requirements for a full or partial suspension of operations.
We know that the Employee Retention Tax Credits can be confusing and time-consuming. That’s why our team is dedicated to making sure you maximize your credit. We categorize your
qualified wages, analyze and research potential shut-down opportunities, calculate your credit, and make sure that your numbers are meticulously accurate.
Verity will work with you to ensure that credits are accurately filed. We will guide you through the process of obtaining updates from the IRS until you have received your benefit.
The ERC allows qualified employers to recover wages and health plan expenses incurred during COVID-19.
Possible Claim Amount
Employers are eligible to claim up to $26,000 per employee
For 2020 periods, businesses can recover 50% of qualified wages, up to $5,000 per employee
For 2021 periods, businesses can recover 70% of qualified wages, up to $7,000 per employee, per quarter
Two ways your business or organization can
qualify for the Employee Retention Tax Credit
1. Significant Decline in Gross Receipts
If an employer’s gross receipts for a 2020 calendar quarter were below 50% of the comparable quarter in 2019, or for a 2021 calendar quarter were below 20% of the comparable quarter in 2019.
2. Full or Partial Suspension by Government Order
The employer’s business has been fully or partially
suspended by government order due to COVID-19 during the 2020/2021 quarters.
Some of the qualifying criteria for getting the credit include:
- Capacity Restrictions
- Supply Chain Disturbances
- Travel Restrictions
- Group Gathering Limitations
- Customer or Job-site Shutdowns
- Vendor Restrictions
- Social Distancing Requirements
ERTC FOR BUSINESSES AND ORGANIZATIONS BEGINS TO EXPIRE APRIL 2024
What is Employee Retention Tax Credits (ERTC)?
The CARES Act of 2020 created the Employee Retention Credit (ERC) at the same time it enacted the Paycheck Protection Program. This lesser-known incentive has proven to be a significant opportunity for businesses of all sizes. The ERC allows businesses to recover costs associated with keeping employees on payroll during hardships related to COVID-19.
Don’t let your Employee Retention Tax Credits go to waste, let us help you claim them
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