Kevin O’Leary “Mr. Wonderful” Endorses ERC Refund (Employee Retention Credit)
Claim a cash refund of up to $26,000 per employee
You may now qualify for the Employee Retention Credit (ERC).
Recent updates to the COVID-19 relief program, the Employee Retention Credit (ERC), dramatically expand eligibility and extend qualifying deadlines – which means big payouts (up to $26k per employee) for hundreds of thousands of business owners like you… even if you already received a PPP loan!
Take the first steps to claiming your Employee Tax Credit, right now!
What is the
Employee Retention Credit?
The Employee Retention Tax Credit (ERC) is a refundable tax credit designed to reward business owners for retaining employees throughout the COVID-19 pandemic. The Employee Retention Credit is available to both small- and mid-sized businesses. It was signed into law on March 27, 2020, as part of the CARES Act. The bill was significantly expanded in 2021.
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Business owners impacted by COVID-19 can claim up to $5,000 in refundable tax credits for each employee on their payroll in 2020 and up to a $7,000 credit per quarter (excluding Q4) for each employee in 2021.
Who Can Claim the
Employee Retention Credit?
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If your business operations were impacted or changed during an applicable calendar quarter due to a COVID-19 related government order.
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OR
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For quarters in 2021, If your business revenue dropped by more than 20% compared to the same quarter in 2019 or the immediately preceding quarter.
The Value
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The Employee Retention Credit is currently one of the largest credits available to business owners, delivering thousands of dollars in credits per employee with qualified wages. A manufacturing company with an annual revenue of $115 million and 246 employees received a credit equal to $1.06 million in Q1 of 2021. A few of their qualifying factors were:
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20% drop in quarterly revenue;
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Numerous projects were canceled or delayed to COVID-related disruptions; and
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Delayed production timelines caused by supply chain disruptions.
Tax Savings Examples
Hundreds of employers from a variety of industries
have benefited from ERC Filing Group’ ERC services.
Client Example
Dental Laboratory
Annual Revenue: $7 Million
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Q1, Q2, Q3 – 2021 ERC Qualifications
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Drop in revenue
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Impacted by social distancing
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Unable to fully staff lab due to spatial restrictions
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Total ERC Refund: $230,000
Client Example
Manufacturing
Annual Revenue: $23 Million
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Q1 – 2021 ERC Qualifications
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Supply chain issues
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Reduction in capacity due to social distancing
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Partial shutdown of operations
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Total ERC Refund: $982,000
Client Example
Construction
Annual Revenue: $92.7 Million
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Q2, Q3 – 2021 ERC Qualifications
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ERC Qualifications Experienced severe supply chain issues
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Faced revenue loss as large clients canceled their accounts
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Total ERC Refund: $2.5 Million