A lot of people have heard about ERTC, but do not know what it is or how it works. This article will discuss these two things in detail.
First, what is ERTC? ERTC is an incentive to keep employees working in your company. It is a federal program that was enacted by congress in 2008. It allows you to get a tax rebate if you give your employees a bonus, raise or other incentive that helps them stay with your company.
The second thing that needs to be addressed is how you apply for this money. To apply for ERTC, you need to fill out an application form. This application is available online at the website for the IRS. You can also download a copy from the website.
When filling out the application, make sure that you include all of the information that they ask for. You will need to list the number of employees that you currently have, their salaries and the amount of time that they have worked for you. If you have any questions about the application, call the IRS.
Once you have completed the application, you will need to send it in to the IRS. The application is usually accepted within 30 days. Once you have sent it in, you will receive a letter stating that your application has been received.
If you do not receive the letter within 30 days, call the IRS and ask why it took longer than 30 days. If they cannot provide you with an answer, call again and ask for another letter. They will send it to you once more, but this time, it should take no more than 60 days.
After the IRS has reviewed your application, you will be notified by mail if you are approved or denied. If you are approved, you will receive a check from the IRS. The check will be mailed to you within 45 days after the IRS approves your application.
If you are denied, you will receive a letter from the IRS explaining why they denied your application. You may also receive a letter from the IRS telling you what you need to do to fix the problem and resubmit your application.
It is wise to contact a top-tier ERC accountant to maximize your refund. You can check here whether your business is eligible and how much you may receive: https://ertcrefundclaim.com