Did your business suffer a revenue decline immediately following Hurricane IDA?
We may be able to help generate a cash benefit for your business.
Utilizing your specific facts & circumstances from the weeks immediately following Hurricane IDA in August 2021, we will explore the ability to leverage eligibility criteria for an Employee Retention Tax Credit, which would in turn generate a refundable tax credit for the third quarter of 2021.
This refundable federal tax credit is funded through the American Rescue Plan Act (ARPA) of 2021 to support employers who continued to pay eligible wages when experiencing a signficant decline in their overall gross receipts.
Small and medium sized employers who received Payroll Protection Program (PPP) loans in 2021 are eligible to participate in this program, but there are specific double-counting rules during the PPP loan's covered period that need to be followed.
At Reinsman, we take a full-service approach to client delivery. We are there every step of the way, ensuring a seamless experience and unmatched tax technical expertise. Let us help you make sense of all the complexity and nuance of these tax credits.
There is no up-front cost for you to explore whether your business is eligible, and we collect our fees only after you receive your refund from the IRS.
READY TO GET STARTED? Call 855-CASH-IDA or click below for your risk free consultation today!
OUR APPROACH TO CAPTURING THis EMPLOYEE RETENTION credit
Eligible Employer Analysis
- Determine which entities are considered members of your aggregated group
- Complete a headcount analysis to determine large or small employer status for purposes of the ERC
- Analyze gross receipts in 2019 and 2021 to evaluate whether there is a significant decline
Credit Calculation
- Determine the eligible employees for whom the credit will be calculated
- Track eligible wages and calculate the ERC
- Complete PPP overlap analysis to help maximize benefits under both programs
- Create a report that details the credit at the entity and employee level for each eligible period
- Provide guidance on the ERC overlap rules for other federal tax credits
Claiming the Refund and Documentation
Claiming the Refund and Documentation
- Assist with the preparation and filing of Forms 941X
- Prepare a technical summary of applicable business facts and circumstances, qualification of eligibility, ERC calculations with related methodology, and documentation to substantiate eligibility and qualified wages
- Provide tax techncial support in the event of an IRS examination