Trusted Guidance for the Employee Retention Credit and the Self-Employed Tax Credit
When you know better, you do better.
Self-Employed Tax Credit*
If you earned income in 2021 as a sole proprietor, 1099 independent contractor, owner of an LLC, or owner in a partnership, you may be eligible for a tax refund of up to $32,220.
- Takes 5 minutes to estimate.
- This is a tax refund, not a loan.
- No upfront fees.
- Receive the money within 20 days.
- Use however you want.
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*SETC is a nickname given to the Paid Sick and Family Leave credits made available to self-employed individuals under the American Rescue Plan Act, March 11, 2021 under Sections 9642 and 9643.
OneBridge Advisors in a consulting group in Richmond, VA that provides professional guidance on tax credits and other financial opportunities that are often overlooked. Current examples of this include the Employee Retention Credit (ERC) and the Self-Employed Tax Credit (SETC).
“Businesses should seek out a trusted tax professional who actually understands the complex ERC rules…”
-IRS Commissioner Danny Werfel, September 14, 2023
We only recommend professional firms that are under the counsel of tax attorneys and have third-party CPAs who sign the filings. The firms we recommend for ERC have the highest standards possible for compliance, accuracy, and documentation.
On September 14, 2023, the IRS published the ERC Eligibility Checklist and an FAQ section to make it easier for taxpayers to determine their eligibility for ERC.
OneBridge Advisors™ is pleased to provide our document, ERC Eligibility Simplified, which combines these two tools to help employers more quickly and accurately assess if they are a good candidate for ERC.
Meet OneBridge Senior Consultant, Dean Francis
"The biggest mistake people make about ERC and SETC is expecting their accountant to fully and accurately know about them. These are very niche Covid-related credits that expire April 18, 2025. Our diligent research enables us to connect our clients to trusted, reputable experts who specialize in these credits. Our recommended partners ensure compliance and maximize the refunds.
The firms we recommend for ERC have the highest standards possible for compliance, accuracy, and documentation. Their proven experience is unmatched in this space.
CREDITS CLAIMED
CLIENTS
How We Have Helped
How ERC Works
We help guide you through the process.
Common Misconceptions About ERC
“The ERC is a misunderstood tax benefit – with small and medium business owners and managers of charities either not knowing about the ERC or being wrong (or more likely outdated) about what they do know.” – Forbes February 15, 2022
“ERC is an eligibility matrix.” Bloomberg Tax August 10, 2022.
ERC is complex, and is much more about law than accounting, which is why it’s vital to seek advice from a firm that specializes in ERC, and is under the counsel of a tax attorney. A significant decline in gross revenue is only one way to qualify. We estimate over 75% of claims made do not qualify this way. Rather, they qualify because they experienced more than a “nominal effect” caused by a government order. There are hundreds of pages of legislation IRS guidance that help describe eligibility.
This was changed by the Consolidated Appropriations Act that went into effect in 2021.
“ERC is an eligibility matrix.” Bloomberg Tax August 10, 2022.
ERC is complex. IRS Notice 2021-20 expands the definition of “partial suspension” to include factors beyond closing your doors. It is vital to seek advice from a firm that specializes exclusively in ERC to make this determination
Unfortunately not. There has to be a nominal impact that was caused directly or indirectly by a Covid-19 government ordinance.
This is true only if you don’t follow the rules and document it. This is another reason why we recommend a firm that specializes in ERC with tax attorneys who know the law and guarantee their work. These firms also allow you to review the filing prior to it being submitted to the IRS. You can review the submission package prior to it being submitted to the IRS with your tax advisor as an extra “double-check.”
The IRS has warned twice as of May 2023 to beware of 3rd party solicitations that seem ‘too good to be true.’ Similar to PPP loans and Social Security claims, there are always schemes and frauds. Rightfully so, the IRS is concerned by the number of seemingly unqualified companies now advertising for ERC. While there is zero evidence that you are more likely to be audited, our recommended providers prepare all their filings as if each client was audited. If for any reason you are audited for this filing, that firm would be completely prepared to win the audit by showing the documentation that supports your claim.
ERC FREQUENTLY ASKED QUESTIONS
You are not eligible if you do not pay W2 wages outside of owners and their family members by blood or marriage. You are not eligible if you did not experience a ‘nominal impact’ on part of your business from government mandates related to Covid-19. If you are the latter, it often takes an in-depth analysis to make this determination. There is no financial risk to do this.
Yes, if you closed temporarily but paid W2 Employees in some of the seven eligible quarters, you may qualify.
It’s hard to find anyone who will do this work for less than 5 full-time employees. However, we have a partner firm willing to do it.
Whoever owns the EIN can file for this credit. The checks are made to the entity/EIN that paid the W2 wages during 2020-2021. As an example, if a business owner sold the assets of the business (customer list, equipment, logo, etc), but retained the EIN, they can still make this claim. If your number is fewer than five, we recommend asking your accountant if you qualify for any of the quarters available under “a significant decline in gross revenue.” This is a rather simple calculation, and if you qualify under one quarter for this, you can often claim one or two more quarters after this. You can also look at the IRS website to see these rules. If you do qualify for some of the seven quarters this way, ask an accountant with ERC filing experience to help you.
If you do not qualify under gross revenue decline for any quarters and have four full-time employees, we can sometimes get an exception. The problem is that the CPA firm that does this work for you often loses money because the claim is so small.
The majority of the money to be claimed is found in the first three quarters of 2021. The more full-time employees you had then, the greater your possible claim is.
Clergy who claim the housing allowance are excluded from the employee count.
ERC IN THE NEWS
Employee Retention Credit — Still The One (The Latest Update)Forbes.com, February 2022
Dean Zerbe Former Senior Tax Attorney to the U.S. Senate Finance Committee
ERC Overview and Preparing for an IRS AuditExperian.com, October 2022
Matthew Kelley Former Experian Vice President Consulting Services
IRS Moratorium On ERC Processing ContinuesForbes.com, July 2024
Dean Francis OneBridge Advisors CEO
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