Created as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), additional recovery legislation has extended and expanded the Employee Retention Tax Credit (ERTC). Eligibility, amount, and availability of the credit depends on many factors, and there is significant confusion in the marketplace about who qualifies.
MGO’s dedicated team of CPAs and advisors focuses on navigating applications, negotiating forgiveness terms, and demonstrating eligibility for federal aid packages. We look at your finances holistically to help determine eligibility, claim credits (proactively or retroactively), and assist with regulatory compliance related to the combination of all aid programs.
Our ERTC services include:
• ERTC Assessment
• ERTC Filing Support
• ERTC Compliance Support
Who can claim the ERTC?
In general, if your company has 500 or fewer
employees, you can qualify.
Recovery Startup Businesses (RSB) and Severely Financially Distressed Employers may also qualify.
Can you claim the ERTC if you’ve received Paycheck Protection Program (PPP) loans?
Yes, but only under certain conditions. Work with a professional to ensure your PPP loan forgiveness does not contradict your ERTC claims.
Will the IRS be examining ERTC claims?
The IRS has extended the statute of limitations on assessing credit claims to five years. That suggests auditors will be taking a close look at companies claiming the credit.
ERTC Assessment
We help you identify qualifying employees and wages so you can determine the value of your ERTC claim.
ERTC Filing Support
You focus on your business’ recovery; we’ll file the appropriate tax forms so your finances quickly reflect the ERTC.
Compliance Support
We help you draft appropriate documentation to support your positions and establish your basis for ERTC qualification.
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