Your business may be eligible for the Employee Retention Credit (ERC).

Did you know that businesses eligible for the COVID-19-related Employee Retention Credit (ERC) can receive up to up to $33,000 per employee? That’s a lot of free money!

Even better, if your business is eligible, our payroll experts can complete and file all the paperwork for you.

Check out the resources below to find out if your company is eligible, then reach out to our team for help filing your amendment.

Eligible? Let our payroll experts help file your ERC amendment.

Eligible? Let our payroll experts help file your ERC amendment.

Questions? We’ve got answers.

What is the Employee Retention Credit?

The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000.

Note: This information was pulled directly from the IRS website but there is no guarantee that it is 100% accurate or up-to-date. Please visit the IRS website directly to find the most current information and consult your legal and tax advisors to determine your specific eligibility.

https://www.irs.gov/newsroom/covid-19-related-employee-retention-credits-general-information-faqs 

Who is an Eligible Employer? (updated November 16, 2020)

Eligible Employers for the purposes of the Employee Retention Credit are employers that carry on a trade or business during calendar year 2020, including tax-exempt organizations, that either:

  • Fully or partially suspend operation during any calendar quarter in 2020 due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings (for commercial, social, religious, or other purposes) due to COVID-19; or
  • Experience a significant decline in gross receipts during the calendar quarter.

Note: Governmental employers are not Eligible Employers for purposes of the Employee Retention Credit.  However, tribal governments and tribal entities may be Eligible Employers. See Are tribal governments and tribal entities eligible for the Employee Retention Credit? Also, self-employed individuals are not eligible for this credit for their own self-employment earnings, though they may be able to claim the credit for wages paid to their employees.

For more information, see Determining Which Employers are Eligible to Claim the Employee Retention Credit.

Note: This information was pulled directly from the IRS website but there is no guarantee that it is 100% accurate or up-to-date. Please visit the IRS website directly to find the most current information and consult your legal and tax advisors to determine your specific eligibility.

https://www.irs.gov/newsroom/covid-19-related-employee-retention-credits-general-information-faqs 

How much will it cost to have Eddy’s payroll experts file the ERC amendment(s) for my business?

If you used Eddy’s payroll services during the amended quarter, pricing for having Eddy’s payroll experts file your ERC amendment is as follows:

  • <50 employees: $250 per quarter amended
  • 50-100 employees: $500 per quarter amended
  • 100-2500 employees: $1,000 per quarter amended
  • 250+ employees: $2,000 per quarter amended

If you did NOT use Eddy’s payroll services during the amended quarter, pricing for having Eddy’s payroll experts file your ERC amendment is as follows:

  • <50 employees: $500 per quarter amended
  • 50-100 employees: $1,000 per quarter amended
  • 100-2500 employees: $2,000 per quarter amended
  • 250+ employees: $4,000 per quarter amended

Note: If you did NOT use Eddy’s payroll services during the amended quarter you will also be required to send our team all necessary payroll reports before the project can start. 

Also, an initial down payment of $100 will be required to start your ERC amendment project. 

How long will it take to have Eddy’s payroll experts file the ERC amendment(s) for my business?

After our payroll experts have received all necessary information from you to complete the ERC amendment and an initial down payment of $100 they will begin the work for your business. The full project will be completed within two weeks. That includes completing and filing all necessary amendments and paperwork with the IRS and providing copies to you for your own records.

Note:  The IRS will take about 12 weeks to post amendments and likely another 12 weeks or longer send your refund. This timing is out of our control and is not guaranteed.

If our business doesn’t run our payroll through Eddy can we still use Eddy’s payroll experts to file the ERC amendment(s) for our business?

Yes! Regardless of whether you use Eddy’s payroll services or not we are happy to help your business file your ERC amendment. 

If your business did NOT use Eddy’s payroll services during the amended quarter you will need to provide us with all necessary payroll reports in order for us to file your amendment.

How can I get started on having Eddy’s payroll experts file the ERC amendment(s) for my business? What’s next?

To have Eddy’s payroll experts file your business’ ERC amendment(s) please do the following:

  1. Determine your business’s ERC eligibility including which years and quarters you qualify for. (See “Who is an Eligible Employer? (updated November 16, 2020)” above.)
  2. If your business is indeed eligible, fill out the form at the top of this page with your information and our payroll experts will be in contact with you soon with information about next steps. 
  3. Pay an initial down payment of $100 to our payroll experts to start the project. 
  4. Work with our payroll experts via email to send them all appropriate information necessary to complete the ERC amendment(s).
  5. Once your ERC amendments are completed and filed with the IRS by our payroll experts and copies of all paperwork have been sent to you, complete the final payment for your work. (See “How much will it cost to have Eddy’s payroll experts file the ERC amendment for my business?” above.)
  6. Wait to receive your amendment refund from the IRS (See “How long will it take to have Eddy’s payroll experts file the ERC amendment for my business?” above.)
  7. Check your bank account and then do a happy dance!
What other resources are available for explaining the Employee Retention Credit and helping me determine my eligibility?

IRS COVID-19-Related Employee Retention Credits: General Information FAQs: https://www.irs.gov/newsroom/covid-19-related-employee-retention-credits-general-information-faqs

IRS New law extends COVID tax credit for employers who keep workers on payroll: https://www.irs.gov/newsroom/new-law-extends-covid-tax-credit-for-employers-who-keep-workers-on-payroll 

ADP Employee Retention Credit for Employers Subject to Closure Due to COVID-19 (Section 2301): https://sbshrs.adpinfo.com/covid19-cares-act#employee_retention_credit_for_employers_subject_to_closure_due_to_covid-19_section_2301 

Ready to get started? If your business is eligible for the Employee Retention Credit, let our payroll experts help file your amendment. Easy peazy.

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