Understanding the Employee Retention Credit.
At GreyStone Equities, we understand that every business is unique and so are the solutions essential for propelling your company forward to success. It is our imperative to help business owners not only take full advantage of this opportunity but fully understand it as well. The Employee Retention Credit is a payroll tax relief program for business owners affected by the pandemic.
Eligible businesses can claim up to $5,000 per employee for 2020 and $7,000 per employee for the first 3 quarters of 2021.
Consultation
& Qualification
Speak with one of our advisors and get a free consolation and pre-qualification in as little as 10 minutes. There are 3 main ways to qualify under the ERC; government mandated shutdown, drop in revenue between quarters, or a supply chain disruption.
Calculation & Preparation
Once our team of advisors receives all the required documents, we then have our team of tax preparers analyze and calculate the credit which typically takes 4-5 business days.
Application
& Documentation
Apply online and submit all the required documents, (PPP Application, Quarterly 941s, and a Payroll summary for corresponding quarters). The eligible quarters are all 4 quarters of 2020 and Q1, 2, and 3 of 2021. The payroll summary must provide all wages paid to employees during this time.
Filing & Funding
After receiving the completed and amended 941s you will need to sign and mail them off individually to your corresponding IRS location. The IRS typically takes 3-6 months to file and fund the Employee Retention Credit.
Pioneering Business Solutions, Providing Expert Tax Analysis.
GreyStone Equities has a proven track record in assisting businesses to receive and maximize the benefits of the Employee Retention Credit. GreyStone is more than well-equipped to support your business through this opportunity. Our team of dedicated tax professionals understands the intricacies of the Employee Retention Credit and will work closely with you to tailor the credit to your unique business needs.
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