Businesses of all sizes are facing intense pressures, ranging from inflation to post-pandemic fallout.
The Payment Protection Program (PPP) and, for many, the subsequent PPP loan forgiveness provided some much-needed support to business owners.
However, a lesser-known program, the Employee Retention Tax Credit (ERTC) is currently saving businesses in these challenging times — and yet, the average business owner doesn’t even know about this form of government aid.
That’s why we are excited you stumbled on our list of the best Employee Retention Tax Credit (ERTC) Services in 2023. Besides, it’s time for you, the taxpayer, to get what Uncle Sam owes you!
What is an Employee Retention Tax Credit (ERTC) Service?
The Employee Retention Tax Credit (ERTC) is a refundable tax credit against payroll taxes equal to 50% of qualifying wages paid to eligible employees during the COVID-19 pandemic.
The credit is available to employers of all sizes and is retroactive to March 13, 2020. To be an eligible employer, a company must have been carrying on a trade or business during 2020 and either had its operations fully or partially suspended due to a government order related to COVID-19, or experienced a significant decline in gross receipts.
Wages eligible for the credit are capped at $10,000 per employee per quarter. The credit is available for 70% of qualified employee wages (raised from 50% in 2021) paid from March 13, 2020 through December 31, 2021. The Employee Retention Tax Credit has also been updated for 2021, increasing the percentage
The ERTC Service provides businesses with an easy way to claim the Employee Retention Tax Credit. With an ERTC service, businesses can quickly and easily estimate their potential credit, calculate their payroll taxes, and file for the credit all in one place. At the end of the day, a service like ERC Assistant helps to make the process more straightforward so businesses can focus on what they do best – running their business.
Learn more about how our ERTC Service can help your business today.
What are the benefits of using an ERTC service?
There are a number of benefits to working with an ERTC service. While we could go on all day covering these benefits, let’s look at a few key reasons why these services are helpful:
➤ Employee retention
Employee retention is a big challenge for businesses. The costs of recruiting and training new employees can be high, and high turnover rates can hurt morale and productivity. Obviously, if you can’t afford to retain employees, you end up being forced into the agonizing position of having to lay-off your valued team members. Fortunately, an ERTC service can help you take advantage of this incentive by claiming the credit on your behalf and providing ongoing support to ensure that you meet the eligibility requirements and can keep your employees.
In addition to financial incentives, an ERTC service can also provide access to valuable resources and support, such as HR advice, guidance on best practices, and assistance with developing retention strategies. By partnering with an ERTC service, you can take steps to create a more stable and productive workforce and potentially receive your reward faster.
➤ Better business health
The service can help businesses with the costs of payroll taxes, health insurance, benefits, the cost of recruiting and training new employees, and the financial aspects of employee retention by providing a number of different services.
Tip: Take this 60 second quiz to see if you prequalify for the ERTC today!
➤ Increased budget
For businesses, one of the most important – and expensive – investments is in human resources. Your employees are your most valuable asset, so it’s essential to keep them happy and engaged. But that’s not always easy, and it can be costly. That’s where an employee retention tax credit service comes in. By providing financial incentives, such as tax breaks, to businesses that retain their employees, these services can help increase a company’s budget. In turn, this can help businesses invest more in their workforce and improve employee retention rates.
➤ Little to no work for you
You might be asking yourself what is the employee retention tax credit anyway? ERC services provide dedicated advisors who have been on the forefront of educating the public and guiding clients to maximize COVID relief benefits. They continuously monitor new guidance from the SBA, as well as the Treasury, Congress and the IRS, to ensure they have the latest information when advising their clients. As a result, businesses can rest assured that they are getting the most up-to-date information and advice when it comes to maximizing their COVID relief benefits.
➤ Enjoy having an experienced team
Most ERTC services have COVID relief benefits experts that specialize in their ERC vs Paycheck Protection Program (PPP loan-related) expertise. Additionally, you get to leverage the collective intelligence and experience of a team of experts instead of depending on a singular source of truth. This is extremely beneficial because you can get multiple insights and perspectives on the best way to approach your unique situation. Getting input from many different people also helps to ensure that you are getting accurate and up-to-date information. In addition, the team approach allows you to focus on running your business while the experts handle the details of the relief benefits process.
The Top 3 Best ERTC Services That Will Maximize Your Employee Retention Credit
What is ERC Assistant?
ERC Assistant is an ERTC service that gives you the ability to take a 60-second quiz, select a firm, and see if you’ll receive a check directly from the IRS.
Why you should use this ERTC service: ERC Assistant is run by a team of business owners, who were impacted by coronavirus (COVID-19). Now, reinforced by their own experience of getting triple what they expected during this same process, they set out to help other business owners achieve the same results. Their goal is to facilitate your best-case scenario — ideally, $26,000 per employee! After working for small businesses for years, they have a ton of ERC examples to show the potential of your claim.
Where to learn more: ERC Assistant
Tip: Take this 60 second quiz to see if you prequalify for the ERTC today!
What is BLC?
BottomLine Concepts (BLC) is a straightforward submission platform for the Employee Retention Tax Credit. Simply enter your first and last name, email, phone number, legal business name, number of W-2 employees, and the industry. BLC handles tax refunds, negotiates savings, and can help protect you from an ERC audit conducted by the IRS.
Why you should use this ERTC service: BLC launched its Government Aid Division specifically to help businesses impacted by Covid-19. This ERTC service specializes in maximizing the ERC program. Part of what makes this one of the best ERC services online is that they have a team of dedicated experts to guide you and outline the steps you need to take to maximize your claim for your business. Additionally, the ERC has gone through several iterations with tweaks to the program as time has passed, including which employees are eligible, how to determine qualified wages, and more, so certain businesses need a more intensive analysis and review. BLC is here to help with that and answer any ERC frequently asked questions you may have.
Where to learn more: BLC
What is Omega? Omega is a full-fledged team of accountants and tax professionals, who work to help business owners make informed business decisions to reduce the chance of ERC fraud through the production of accurate and timely books that yield honest and insightful reports, while leveraging the assets within the business — as well as Omega to maximize efficiency.
Why you should use this ERTC service: Omega builds long-term relationships and partnerships between staff and clients, recognizing each relationship as an investment. Every business is treated as if it is their own, with the particular goal of exceeding your expectations. With this ERC service, you gain a fractional team of CFOs, Controllers, Business Intelligence, Senior Accountants, and Accountants.
Where to learn more: Omega
People Also Ask These Questions About ERTC Services
Q: Why is it important to use an ERTC service in 2023?
- A: It’s important to use an ERTC service in 2023 because it can be used to help you navigate the complex rules and regulations associated with the credit. An experienced service can help businesses maximize their savings and ensure that they comply with all of the requirements in order to claim ERTC.
Q: How does an ERC service work?
- A: An Employee Retention Credit service helps businesses keep their employees by providing them with assistance getting the payroll tax credit. This refundable credit is available to businesses that are closed due to COVID-19 or have experienced a significant decline in revenue. To be eligible, businesses must have fewer than 500 employees. The credit is equal to 70% of the wages paid to employees, up to $10,000 per employee per quarter. The credit is available for wages paid after March 12, 2020 and before January 1, 2021. Businesses can claim the credit on their quarterly payroll tax return or on their annual income tax return. The credit can be used to offset payroll taxes or income taxes owed. If the credit exceeds the amount of taxes owed, the excess will be refunded to the business.
Q: What does an Employee Retention Tax Credit service do?
- A: Employee retention tax credits are a type of financial incentive offered by the government to businesses that retain their employees during difficult economic times. Services that offer these credits help businesses to claim the credits and receive the benefits. The purpose of the credit is to encourage businesses to keep their employees instead of laying them off during a recession or other period of economic downturn.
Q: How does an Employee Retention Credit service make my life easier?
- A: An Employee Retention Credit service can make your life easier by reducing the paperwork and hassle associated with employee retention. By outsourcing the administration of your employee retention credit to a service, you can free up your time to focus on other aspects of your business. In addition, a reputable service will have a network of contacts that can help you find the best talent for your needs. Furthermore, a good service will provide you with customized reports and analyses that can help you make informed decisions about your employee retention strategy.
Q: What are the different ERTC services in 2023?
- A: Services related to the ERTC include but are not limited to: assistance with determining whether an employer is eligible for the credit; calculation of the credit amount; preparation and filing of paperwork related to the credit; and claiming the credit on behalf of the employer.