In order to provide economic relief to businesses and individuals during the Coronavirus pandemic, the CARES (Coronavirus Aid, Relief and Economic Security) Act was signed into law in March 2020. This $370 billion stimulus package makes funding available to small companies, which can be used to allow certain employers who retain employees during the crisis, to claim a tax credit. This tax credit is known as the Employee Retention Credit (ERC).
There are 2 ways a business can qualify for ERC:
1) full or partial suspension of business operations as a result of government order or,
2) a significant decline in revenue compared to the same quarter in 2019. Decline in revenue is defined as equal or greater than 50% for 2020 and equal or greater than 20% for 2021.
The form below is to be completed by the Employer or someone in authority at the company only. If you are an Employee of the company, do not proceed.
American Incentive Advisors (AIA) will review the relevant financial records to calculate the dollar amount of the eligible employer’s expected credit. AIA will then complete and file the relevant IRS forms for the employer and retain all necessary documentation.
Yes, there is a contingency of 20% – but only when an employer qualifies and the tax work is completed.