For any business contemplating whether or not to apply for the Employee Retention Credit (ERC), the time it takes to receive their rebate from the IRS is becoming a major consideration. The most recent guidance from the IRS suggests that for applications filed from here on in, a wait of 16 months plus should be expected. That wait will only increase as the level of applications for this credit grows.
Enter ERC Claims with their innovative Rapid Rebate option for qualifying businesses. Describing it, Alison Coates, head of Business Development explained it by saying “our Rapid Rebate option is a pretty simple concept. We are seeing our clients waiting longer and longer to receive their payments from the IRS with no improvement in site – in fact quite the opposite. We wondered if there was a way to be able to essentially ‘advance’ the money to a business so they could have their money in a matter of weeks instead of many many months. As so many businesses could do with that money now, not sometime next year, we decided to go ahead and see what we could do. Now I’m incredibly happy to announce that we have just launched our ‘Rapid Rebate’ option. It’s available for businesses that retain us to make their claim for them and would like to receive their funds in 2-4 weeks from our submitting their filing to the IRS. Businesses will need to have a minimum claim of $100k to qualify, but for those businesses that do it can be a bit of a life-saver. This means that for those businesses that choose to go this route, they can have their money within weeks and be putting it to good use now, instead of having to wait for an unknown length of time which could prove costly for them. We’re hoping it will help a lot of businesses out there.”
Asked about the service ERC Claims provides she commented “We’re here to help businesses claim the ERC and nothing else. Any business or company that would like a team of specialist CPA’s to look over their paperwork and find the absolute maximum rebate possible just needs to fill out the simple questionnaire on our website. It’ll take you 2 minutes! To work with us you will need to have a minimum of 5 W-2 employees, that excludes the owner and their family, and to qualify for the ERC itself there is a maximum number of 500 full-time employees although there is no limit on the number of part-time employees.”
She concluded “The rules are complex and they keep changing so it’s really tough for CPA’s that don’t specialize in the ERC to keep abreast of what’s what. I mean no disrespect to any CPA, but I liken it to a medical procedure. For instance, would you want an anaesthetist to do your heart surgery? No, because although they’re a doctor, they don’t have the right training. It’s a similar thing with this (although obviously not life threatening). Your CPA very probably hasn’t done the extensive training required to become a specialist in this particular area. And rest assured (or at least your CPA can) we’re not trying to poach clients. This is all we do. Nothing else. A lot of CPA’s are actually referring their clients to us precisely because they can’t do it themselves. That should tell you a lot. Of course, if you are a CPA and would like to refer clients you’re welcome to get in touch too.”
If companies want to claim the Employee Retention Credit, it’s important that they get specialist help. As with most things there is a D.I.Y. route but the risk of errors and omissions is great and professional assistance is advised.
ERC Claims is one company offering that assistance. Whilst they cannot speed up a claim in the normal course of events, there is now the viable option for businesses to receive their money in 2-4 weeks thanks to the new Rapid Rebate from ERC Claims.