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Employee Retention Credit (ERC)

With the Employee Retention Credit (ERC), the IRS is paying back businesses up to $33,000 for each full-time employee

Meaning a company with 31 employees could qualify for a max credit of $1 million dollars! Finding an accounting firm focused on maximizing your Employee Retention Credit (ERC) can be a daunting task, but Galileo Hunt strives to ease your mind and offer the best services in the industry. Our team of Employee Retention Credit (ERC) experts will help you obtain the maximum credit and implement an iron clad audit proof strategy that best suits your businesses needs.

Book a free consultation today!
(888) 379-7834
to help determine if your business qualifies
and how much the IRS owes you.

What is the Employee Retention Credit (ERC)?

The Employee Retention Credit (ERC) was created as an incentive under the CARES Act to encourage businesses to keep their employees employed even when the business fell below normal operational hours and transitioned into partial shutdown. Be aware, some businesses do not qualify. The ones that do must meet specific criteria. The amount of the credit could be substantial to your business. Galileo Hunt can help you determine if you qualify for free.

Which businesses qualify for the Employee Retention Credit (ERC)?

An Eligible Employer is an individual that has continued their trade or business during the relevant calendar year, including tax-exempt organizations, that have either

  • completely or partially halted operations during any calendar quarter due to the COVID-19 crisis (restrictions apply)
  • experienced a notable diminishment in “gross receipts” during the relevant calendar quarter (restrictions apply)

Learn How to Qualify

How much money can I get back from the Employee Retention Credit (ERC)?

The most current version of the The Employee Retention Credit (ERC) provides a refundable tax credit of up to

  • $5,000 for each full-time employee retained between October 1, 2020 and December 31, 2020
  • $28,000 for each employee retained between January 1, 2021 and December 31, 2021

$33,000 per employee is significant and adds up quickly. If you calculate your credit incorrectly on your own, you’d be leaving a lot of money on the table. This is why you need the sophisticated team of experts at Galileo Hunt to help determine how much the IRS owes you.

Will the IRS audit my taxes after receiving the Employee Retention Credit (ERC)?

Most likely, YES! The IRS may audit every business who files for the Employee Retention Credit (ERC). It is extremely important to seek the help of someone who is familiar with the process to ensure your audit file is iron clad and prepared in advance before the IRS audits your company, as well as to make sure you are receiving the highest possible credit back from the IRS.

Where can I file the forms for the Employee Retention Credit (ERC)?

You will apply for the credit using your current payroll provider. You the business will need to provide the payroll provider with the amount of credit you qualify for. We DO NOT recommend using your current bookkeeper or accountant to apply for these credits as they do not have the knowledge or experience to fill out the forms correctly (possibly leaving a lot of money on the table) or to protect your business in the event of a failed audit. Galileo Hunt is a reputable firm with a team of experts dedicated to helping businesses like yours navigate the Employee Retention Credit (ERC).

Book a free consultation today!
(888) 379-7834
to help determine if your business qualifies
and how much the IRS owes you.

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Disclaimer: The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Galileo Hunt to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Galileo Hunt or other tax professional prior to taking any action based upon this information. Galileo Hunt assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

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