Though the Employee Retention Tax Credit (ERTC) program has been offering rebates to small businesses since 2020, many employers still have not claimed their tax credits and may be unaware that they are eligible. Ampifire has launched a 15 Minute Refund program with a team of ERTC specialist CPAs to help these employers determine if they qualify, and claim their rebates.
For more information about ERTC eligibility and rebates, please visit https://fountainpr.com/wordpress
While the ERTC has become known as a relief program for small businesses such as restaurants and contractors, rebates are also available for doctors, dentists, hospitals, and other medical practices and health service providers. The new fast rebate program from Ampifire allows any business that has 500 or fewer full-time employees to apply, including non-profits, startups, and new businesses.
Companies that have received a loan through the Paycheck Protection Program (PPP) are also eligible for ERTC rebates under the new rules passed with the Consolidated Appropriations Act. Unlike the PPP, which provided loans with restrictions on how they can be spent, the ERTC rebates are tax credits that do not need to be repaid and come with no restrictions.
Businesses founded during the pandemic can apply under special rules as a Recovery Startup Business. These companies may be eligible for up to $100,000 in rebates if they have at least one employee who is not a family member or 50% owner, and gross receipts of less than $1 million.
All other businesses may qualify for up to $26,000 per employee in rebates, with the average small business receiving approximately $100,000. To determine if they qualify, employers can take a brief 10-question assessment on the Ampifire website. There is no cost or obligation when taking the assessment, and it requires no proprietary business information.
Eligible employers will receive a link to a secure server, where they can complete their rebate application with help from ERTC specialist CPAs. To calculate their rebate, they will be asked to upload their raw payroll data, 941 returns, and PPP loan documents.
Among the organizations that recently used the 15 Minute Refund program is a restaurant ownership group in Florida, which claimed $1,120,000 for 224 W-2 employees. The mechanism has also helped non-profits, such as a school in Addison, IL, which claimed $175,000 for 35 W-2 employees.
For more information about ERTC rebates or to take the no cost eligibility test, please visit https://fountainpr.com/wordpress
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.