Estimating the Amount of the Employee Retention Credit 

 October 9, 2023

By  Jace W Campbell, CPA

Estimating the Amount of the ERTC

Let’s start by diving into the Employee Retention Tax Credit (ERTC), an essential program for many businesses. It’s a refundable tax credit, intentionally designed to support businesses that hold on to their employees during financially challenging times… As its name suggests, the ERTC is all about employee retention. Its genesis was in response to hardships faced by businesses during extraordinary events such as the COVID-19 pandemic.

Qualification for ERTC

So, how does a business qualify for the ERTC? The intricacies of this program are numerous and could fill dozens of pages, but let’s keep things simple.

Also read: Employee Retention Tax Credits Deadlines 2023

Misconceptions About ERTC

In your journey to understand ERTC, you may have come across various promises and claims from firms eager to sign you up for their services. However, some of these assertions can be misleading or outright false…

Your Responsibility in Claiming ERTC

As a business owner or CPA striving to serve clients effectively and ethically, understanding the Employee Retention Tax Credit (ERTC) and your role in claiming it is crucial. The market is saturated with firms that claim to have expertise in the ERTC process. They offer guarantees of risk-free money, using these dubious claims as bait… However, the truth remains unaltered—**you are ultimately responsible for these tax credit claims**.

The Internal Revenue Service (IRS) has been abundantly clear on this point. Despite the allure of “free” money and supposed expertise peddled by these firms, their interests may not align with yours. This fundamental misalignment could potentially jeopardize your business…

As a licensed CPA and owner of a registered CPA firm with the State Board of Accountancy in Texas, it’s my duty to illuminate some facts about the Employee Retention Tax Credit and rampant fraud within my industry.

This understanding is paramount as you venture into ERTC territory. Regardless if you’ve gathered knowledge from Google searches or are an experienced CPA seeking ways to serve clients ethically, remember that knowledge is power. When it comes to understanding and leveraging programs like ERTC, comprehension provides confidence.

So who can claim these credits? A vast majority of businesses and non-profit organizations in the US qualify for ERTC, provided they had W-2 employees on their payroll during eligible periods such as during a pandemic, and paid payroll taxes on those employees…

In essence, while third-party advice can be helpful, it’s essential to equip yourself with an understanding of the ERTC program’s intricacies. No one else will bear responsibility for any missteps when claiming tax credits—it all rests on your shoulders… So keep learning, keep asking questions, and make informed decisions that best serve your business interests.

An In-Depth Look into ERTC

For those keen on comprehending every facet of the Employee Retention Tax Credit, this post aims to offer an extensive guide. This format—designed in an easy-to-navigate question-and-answer style—allows taxpayers like yourself to research the program at your own pace…

Why Choose JWC ERTC Advisory CPA

Finally, we arrive at an important consideration: why should you engage with JWC ERTC Advisory CPA? Beyond answering questions about your eligibility or tackling any skepticism you may have about claiming credits, our firm stands apart from others

Also read: Employee Retention Credit Supply Chain Disruption

Recent IRS Actions on ERC Promoters

Recent actions taken by the IRS against ERC promoters serve as a sobering reminder of the importance of dealing with reputable firms… The IRS has been actively curbing ERTC fraud, ensuring that businesses get the assistance they need without falling into traps set by unscrupulous entities.

The JWC ERTC Advisory Advantage

Choosing JWC ERTC Advisory CPA for your Employee Retention Tax Credit needs presents distinct benefits. We guide our clients through the process, alleviating fears and uncertainties while highlighting potential gains… Remember, engaging with us isn’t merely about claiming your credits—it’s about making informed decisions for your business.

Jace W Campbell, CPA

Jace founded JWC ERTC Advisory CPA in March 2021 as the nation's first and only public accounting firm focused solely on ERC . . . and nothing else. He has personally signed over 9,000 ERTC claims and is proud to be executing these claims conservatively, and how intended by Congress.

He has a passion for educating clients so they can make the best decision for themselves.  If you read articles and watch videos that Jace produced in 2021, his approach is the same now as it was then.

While other firms pivot their messaging to comply with new IRS guidance, Jace continues preaching the same conservative principles that have helped clients recover hundreds of millions . . . while sleeping easy at night.

related posts:

Can You Claim Employee Retention Credit in 2023?

Can You Claim the Employee Retention Credit in 2022?

Employee Retention Credit Scams: What You Need to Know

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