Ercfunding.us Reviews

Based on looking at the website, ercfunding.us appears to be a service that assists small businesses in navigating the complex process of applying for Employee Retention Credits ERC. The website positions itself as a specialist, claiming to help businesses maximize their potential ERC refunds by handling the application submission process, which they suggest can be challenging to manage independently or even with a general CPA.

While the service focuses on accessing government stimulus funds that some businesses may be eligible for, it’s important to approach any financial service, especially those involving complex tax credits and fees based on a percentage of the credit received, with a discerning eye.

Always ensure you understand the terms, fees, and potential outcomes, and consider consulting with an independent, trusted financial advisor to ensure it aligns with your financial goals and principles.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

ERCfunding.us Review & First Look

ERCfunding.us presents itself as a dedicated specialist in helping businesses secure the Employee Retention Credit ERC. A first look at their website reveals a clear, direct message: they aim to simplify a complicated tax credit process.

They highlight the potential for businesses to receive “up to $26,000 per employee” and emphasize that the ERC is a “refundable tax credit,” not a loan.

This immediately catches the eye of business owners who might be struggling to recover from the economic impacts of the COVID-19 pandemic.

The site features client testimonials and promises professional support, increased funding potential, and audit service inclusion.

What is the Employee Retention Credit ERC?

The Employee Retention Credit is a refundable tax credit designed to encourage businesses to keep employees on their payroll during the economic downturn caused by COVID-19. It was initially established under the CARES Act and later expanded.

Businesses could qualify based on a significant decline in gross receipts or if their operations were fully or partially suspended due to government orders related to COVID-19.

Who is ERCfunding.us For?

Based on the website, ERCfunding.us targets small businesses that may have retained employees during 2020 and 2021 and believe they might be eligible for ERC funds. They specifically mention helping businesses that found the tax code and qualifications difficult to understand. This implies their service is aimed at business owners who prefer to outsource the complex filing process to specialists.

Initial Impressions on Transparency

The website offers a decent level of transparency regarding what the ERC is, how businesses might qualify, and the basic structure of their fee 15-30% of the credit received, depending on complexity. They also address common questions like whether the ERC is repayable or if it’s taxable.

However, the exact percentage for a specific business isn’t clear until a qualification process begins, which is standard for services with variable fees.

ERCfunding.us Pros & Cons

When considering a service like ERCfunding.us, it’s crucial to weigh the advantages against the potential drawbacks. Trelleborg.dk Reviews

For businesses navigating the complexities of government programs, understanding these facets can help in making an informed decision.

Potential Advantages of Using ERCfunding.us

• Specialized Expertise: ERCfunding.us claims to specialize solely in ERC, suggesting a deep understanding of the intricacies of the program that a general CPA might not possess. They state, “ERC is all we do,” implying a focused expertise. This can be a significant advantage given the complexity of the tax code related to ERC.
• Maximizing Credit Potential: The service suggests they can “maximize your potential credits” through their “relationships in the industry and application formatting.” This implies they have methods to identify all eligible wages and periods, potentially leading to a larger refund than a business might secure on its own.
• Streamlined Application Process: They promise “fastest turn around” due to their “cleanest forms and information,” which could expedite the IRS approval process. For businesses needing funds promptly, this efficiency could be valuable.
• Audit Service Inclusion: A notable benefit highlighted is that an “Audit Service Included.” While audits are rare, having support in responding to IRS inquiries can provide peace of mind.
• No Upfront Fees Option 2: For businesses with cash flow concerns, the option to pay their fee “upon receipt of the credit” is attractive, as it means no out-of-pocket expense until funds are received.

Potential Disadvantages of Using ERCfunding.us

• Percentage-Based Fee: The fee structure is “15-30% depending on the complexity of the filing.” While this means they are incentivized to maximize your credit, it also means a substantial portion of your refund goes to the service. For a business receiving a large credit, this percentage could amount to tens of thousands of dollars.
• Lack of Specific Case Studies: While the site has testimonials, they are generic and from “Employee @ Company” which lacks specific details that would build stronger trust. Real-world, detailed case studies showcasing diverse business types and their specific outcomes could enhance credibility.
• Limited Information on Process Steps: The website explains what they do but less about the granular how. For a business owner, a step-by-step breakdown of their specific process after initial qualification would be beneficial to understand the commitment required from their end.
• Reliance on a Third Party: Outsourcing a critical financial claim means reliance on a third party. While they promise expertise, businesses must still perform due diligence to ensure the service is reputable and aligned with their interests.
• Turnaround Time Variability: While they promise fast turnaround on their end, they state, “the IRS has communicated to us there is a minimum of a 20 week turnaround of the ERC funds.” This means the actual receipt of funds can still be several months away, regardless of their internal efficiency.

How to Cancel ERCfunding.us Subscription or Service

The website does not explicitly mention a “subscription” model. Instead, it offers a service for filing ERC claims.

Therefore, the concept of “canceling a subscription” might not apply in the traditional sense.

It’s more about the engagement terms for their one-time ERC filing service.

Understanding the Service Engagement

From the website, it appears that once a business “begins qualification” and subsequently engages ERCfunding.us for their services, they enter into an agreement for the ERC filing process.

The fee structure 15-30% of the credit received indicates a success-based arrangement, where payment is tied to the successful receipt of the ERC.

Steps to Discontinue Services If Applicable

1. Review the Agreement: The most critical step is to carefully review any service agreement, contract, or terms and conditions you signed with ERCfunding.us. This document will outline the terms of engagement, including any clauses related to termination, fees for incomplete services, or conditions under which you can withdraw your application or discontinue their assistance.
2. Contact Customer Support: If you wish to stop their services, immediately contact ERCfunding.us directly through their provided contact information e.g., [email protected]. Clearly state your intention to discontinue their assistance with your ERC application.
3. Inquire About Potential Fees: Depending on how far along your application process is and the terms of your agreement, there might be fees associated with discontinuing the service, especially if significant work has already been performed by ERCfunding.us on your behalf.
4. Confirm Discontinuation in Writing: Always follow up any phone conversations with an email to ensure you have a written record of your request to discontinue services and any agreed-upon terms. This provides a clear paper trail for your records.

Important Note: Given that their fee is percentage-based upon receipt of the credit, it’s possible that if you decide to discontinue before the credit is received, there might not be a direct fee unless the agreement specifies otherwise for services rendered up to that point. However, it’s paramount to clarify this directly with them.

ERCfunding.us Pricing

ERCfunding.us operates on a performance-based fee model, which is common among services that assist with securing tax credits or refunds.

This structure means their payment is directly tied to the success of your ERC claim.

Fee Structure Details

• Percentage of Credit Received: The website explicitly states, “Our fee structure is based on your percentage of the credit you receive. The range is 15-30% depending on the complexity of the filing.“
  • This means if your business receives a $100,000 ERC refund, ERCfunding.us’s fee could range from $15,000 to $30,000.
  • The specific percentage within this range will likely be determined after their initial assessment of your business’s eligibility and the complexity involved in preparing and submitting your ERC claim.
• No Credit, No Fee Implied: Since the fee is based on a percentage of the credit received, it implies that if no credit is secured, no fee is owed. This reduces the financial risk for businesses.
• Payment Options: ERCfunding.us offers two payment options:
  1. Upfront Payment with Discount: You can pay the fee upfront. If no credit is received from the IRS, they offer a “100% Money Back Guarantee.” This option suggests a discount for paying in advance.
  2. Payment Upon Receipt of Credit: This option allows you to pay their fee only after you have received the ERC funds. This is a significant advantage for businesses concerned about cash flow, as it eliminates any upfront financial burden related to their service.

Understanding the Cost Implications

While a percentage-based fee aligns their success with yours, it’s essential to understand the total potential cost. For example: Pagurek.com Reviews

• If your business qualifies for the maximum $26,000 per employee, and you have 10 employees, your potential ERC could be $260,000.
• At the lower end of their fee scale 15%, their fee would be $39,000.
• At the higher end 30%, their fee would be $78,000.

These figures highlight that while the service can unlock significant funds, a substantial portion of those funds will go towards their fee.

Businesses should consider this as part of their financial planning and determine if the convenience and specialized expertise are worth the percentage cost.

It’s always wise to compare this cost with what a traditional CPA might charge either hourly or a flat project fee for similar services, keeping in mind that ERCfunding.us argues their specialization often leads to higher approved credits.

ERCfunding.us Alternatives

While ERCfunding.us offers a specialized service for navigating Employee Retention Credits, it’s prudent for businesses to explore various avenues for securing these funds.

The market for ERC assistance has grown, offering several types of alternatives, each with its own advantages and considerations.

1. Traditional CPA Firms

• Description: Your existing Certified Public Accountant CPA firm or a new one you engage. Many CPAs have gained significant expertise in ERC as the program evolved.
• Pros:
  • Existing Relationship: You likely already have a trusted relationship with your CPA who understands your business’s financial history.
  • Holistic Financial Advice: CPAs can integrate ERC considerations into your broader tax and financial planning, ensuring all aspects are aligned.
  • Potentially Lower Fees: Some CPAs may charge a flat fee or an hourly rate for ERC services, which could be less than a percentage-based fee, especially for large credits.
• Cons:
  • Varying Expertise: Not all CPAs are equally specialized in ERC. As ERCfunding.us points out, the tax code is vast, and a general CPA might not have the same depth of ERC-specific knowledge. You’d need to verify their expertise.
  • Time Commitment: Your CPA might take longer if they are not exclusively focused on ERC applications.

2. Payroll Service Providers

• Description: Many major payroll providers e.g., ADP, Paychex, Gusto began offering ERC assistance as part of their services, especially since they already possess much of the necessary payroll data.
  • Data Integration: They have direct access to your payroll records, simplifying the data collection process.
  • Convenience: Can be a one-stop shop if you already use their payroll services.
  • Limited Scope: Their focus might be primarily on payroll data, potentially overlooking other qualifying criteria related to business operations or government shutdowns.
  • Service Tiers: ERC assistance might be an add-on service with varying levels of support and fees.

3. Other Specialized ERC Consulting Firms

• Description: Like ERCfunding.us, many other firms have emerged that specifically focus on ERC, some with similar percentage-based fee structures. Examples include Innovation Refunds, Stenson Tamaddon, and Omega Accounting Solutions.
  • Deep Specialization: Similar to ERCfunding.us, these firms claim highly specialized knowledge and experience in navigating the ERC rules.
  • Streamlined Processes: They often have optimized processes for identifying eligibility and preparing claims.
  • Similar Fee Structures: Many operate on a percentage of the refund, which can be costly.
  • Varying Reputations: As with any emerging industry, the quality and integrity of these firms can vary widely. Thorough vetting is crucial.

4. Do-It-Yourself DIY

• Description: For businesses with in-house accounting expertise or a strong understanding of tax law, it’s possible to file for the ERC directly with the IRS.
  • No External Fees: You save the entire percentage-based fee by doing it yourself.
  • Full Control: You maintain complete control over the process and documentation.
  • Extreme Complexity: The ERC rules are notoriously complex, with numerous nuances, changes, and interpretations required. Errors can lead to delays, audits, or missed opportunities for credits.
  • Significant Time Investment: This option requires a substantial time commitment to research, understand the regulations, gather documentation, and prepare the amended tax forms.
  • Risk of Under-claiming or Errors: Without expert knowledge, businesses might under-claim the credit they are entitled to or make mistakes that trigger an IRS audit.

When considering alternatives, businesses should:

• Evaluate Cost Structures: Compare percentage-based fees, flat fees, and hourly rates.
• Assess Expertise: Verify the firm’s or individual’s specific experience and track record with ERC.
• Check References/Reviews: Look for independent reviews and testimonials from other businesses.
• Understand Scope of Service: What exactly is included e.g., audit support, amending past returns, payroll analysis?

Ultimately, the best alternative depends on the business’s internal resources, budget, complexity of its ERC claim, and comfort level with tax compliance.

Understanding ERC Eligibility and IRS Guidelines

The Employee Retention Credit ERC program, born from the CARES Act, was designed to provide financial relief to businesses that continued to pay employees despite experiencing economic hardships due to the COVID-19 pandemic.

Understanding its eligibility criteria and the IRS guidelines is paramount, as the program is intricate and has undergone several modifications.

Key Eligibility Criteria

To qualify for the ERC, businesses generally needed to meet one of two main criteria during 2020 and/or Q1-Q3 2021: Expressivemellc.com Reviews

1. Significant Decline in Gross Receipts:

   • 2020 Qualification: A business qualified if its gross receipts for a calendar quarter in 2020 were less than 50% of its gross receipts for the same calendar quarter in 2019. Once qualified, it remained eligible until its gross receipts for a calendar quarter exceeded 80% of its gross receipts for the same calendar quarter in 2019.
   • 2021 Qualification: The rules were eased for 2021. A business qualified if its gross receipts for a calendar quarter in 2021 were less than 80% of its gross receipts for the same calendar quarter in 2019. Alternatively, businesses could elect to use the immediately preceding calendar quarter to determine the gross receipts reduction e.g., comparing Q4 2020 to Q4 2019 for Q1 2021 eligibility.

2. Full or Partial Suspension of Business Operations Due to Government Orders:

   • This criterion applies if a government authority required a full or partial shutdown of your business during 2020 or 2021 due to COVID-19. This includes limitations on commerce, travel, or group meetings.
   • Examples provided by the IRS and services like ERCfunding.us include:
     • A restaurant that had to close or limit its on-site dining capacity e.g., every other table closed.
     • A business that required in-person client meetings but had to cancel them due to restrictions.
     • A business that had to reduce operating hours due to COVID-19 restrictions and increased cleaning requirements.
     • Supply chain disruptions causing delayed production timelines for a business.
   • The “partial suspension” aspect is where much of the complexity lies, requiring careful interpretation of IRS guidance.

Important IRS Guidelines and Considerations

• Not a Loan: The ERC is a refundable tax credit, meaning it directly reduces a business’s payroll tax liability, and any excess is refunded. It does not need to be repaid.
• Interaction with PPP Loans: Initially, businesses could not claim both PPP loans and ERC. However, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 enacted December 27, 2020 retroactively allowed businesses to claim both.
  • Crucial Rule: The same wages used to qualify for PPP loan forgiveness cannot also be used to calculate the ERC. Careful calculation and documentation are required to avoid double-dipping.
• Qualified Wages: These refer to wages and health plan expenses paid to employees.
  • For 2020: Up to $10,000 in qualified wages per employee for the year, with a credit of 50% of those wages maximum $5,000 per employee.
  • For 2021: Up to $10,000 in qualified wages per employee per quarter for Q1, Q2, and Q3, with a credit of 70% of those wages maximum $7,000 per employee per quarter, or $21,000 for the year.
• Employee Count Matters: The definition of “large employer” versus “small employer” impacts which wages qualify.
  • 2020: A business with more than 100 full-time employees in 2019 was considered a “large employer” and could only count wages paid to employees not providing services. Businesses with 100 or fewer full-time employees could count all wages paid to all employees.
  • 2021: The threshold for a “large employer” increased to more than 500 full-time employees in 2019. This meant more businesses could count wages paid to all employees, regardless of whether they were providing services.
• Owner and Family Wages: The IRS has specific rules regarding whether wages paid to majority owners over 50% and their immediate family members qualify. Generally, if an owner’s wages are over 50% of the company, they will not qualify. The same applies to immediate family members.
• Statute of Limitations: Businesses typically have three years from the date they filed their original employment tax return Form 941 or the due date of the return, whichever is later, to file an amended return Form 941-X to claim the ERC. For example, for Q2 2020, the due date was July 31, 2020, so the statute of limitations would be July 31, 2023. However, a special extended period applies for ERC claims for 2020 until April 15, 2024 and 2021 until April 15, 2025.
• Taxable Income Adjustment: While the ERC itself is not taxable income, businesses must reduce any deductible wage expense by the amount of the credit received for the tax year in which the wages were paid. This can impact income tax calculations.
• Documentation is Key: The IRS strongly emphasizes the importance of thorough documentation to support ERC claims, including proof of gross receipts reduction, government orders, qualified wages, and employee counts.

Navigating these rules without specialized knowledge can be daunting, which is why services like ERCfunding.us exist.

However, any business engaging such a service should still strive to understand the basics to ensure their claim is legitimate and fully compliant.

The Importance of Due Diligence with ERC Services

Given the complexity and the significant financial implications of the Employee Retention Credit ERC, conducting thorough due diligence when considering any ERC assistance service, including ERCfunding.us, is not just recommended—it’s essential.

This proactive approach can help protect your business from potential pitfalls, ensure compliance, and maximize your legitimate claim.

Why Due Diligence is Critical

1. Protecting Against Fraud and Scams: The ERC program, with its promise of substantial refunds, has unfortunately attracted fraudulent actors. Some unscrupulous firms make aggressive claims, overstate eligibility, or charge exorbitant fees for little to no service. Due diligence helps you identify legitimate providers from those looking to exploit businesses.
2. Ensuring Compliance and Avoiding Audits: The IRS has issued warnings about “ERC mills” that may encourage businesses to claim the credit improperly, leading to potential audits, penalties, and interest down the line. A reputable service will ensure your claim is fully compliant with all IRS guidelines, minimizing audit risk.
3. Maximizing Legitimate Claims: While some services might overstate claims, others might under-claim if they lack expertise. Proper due diligence helps you find a service that accurately assesses your eligibility and maximizes the legitimate credit you are owed.
4. Understanding Fee Structures: Different providers have varying fee structures percentage-based, flat fees, hourly. Understanding these clearly and comparing them is crucial to ensure you’re getting value for money and avoiding unexpected costs.
5. Data Security and Privacy: You will be sharing sensitive financial and payroll data with any ERC service. Due diligence should include verifying their data security practices and privacy policies.

Key Due Diligence Steps

1. Verify Credentials and Experience:
   • Check for Licenses: Are they a licensed CPA firm or do they employ licensed professionals CPAs, EAs? While ERCfunding.us doesn’t explicitly state it’s a CPA firm, they mention “dedicated team who are experts in the industry.”
   • Industry Recognition: Do they have memberships in professional accounting or tax associations?
   • Years in Business: While relatively new firms can be legitimate, longevity often signals stability and experience. How long have they specifically been assisting with ERC claims?
2. Review Client Testimonials and Case Studies:
   • Specifics vs. Generalities: Look for detailed testimonials or case studies that name businesses with permission and specify the results achieved. Generic testimonials like “Employee @ Company” are less convincing.
   • Independent Reviews: Search for reviews on independent platforms e.g., Google Reviews, Better Business Bureau, Trustpilot. Pay attention to patterns in complaints or praises.
3. Understand Their Process and Communication:
   • Step-by-Step Breakdown: Ask for a clear outline of their process from initial consultation to receiving the refund.
   • Communication Channels: How will they communicate with you? How often? Who will be your main point of contact?
   • Audit Support: Confirm in writing what their “audit service included” entails. What are their responsibilities if an audit occurs?
4. Scrutinize Fee Structures and Contracts:
   • Clarity on Fees: Ensure the fee structure is completely clear and there are no hidden costs. Get a written agreement that outlines the specific percentage or flat fee you will pay.
   • Read the Fine Print: Carefully read the entire service agreement. Look for clauses related to termination, dispute resolution, or any guarantees.
   • “Too Good to Be True” Claims: Be wary of services that promise exceptionally fast refunds or guarantee a certain amount without a thorough assessment.
5. Consult an Independent Advisor:
   • Before signing any agreement, consider having an independent CPA or tax attorney review the proposal from the ERC service. They can provide an unbiased opinion and help you understand the implications.
   • They can also help confirm your eligibility independently, giving you a baseline to compare against what the ERC service might claim.
6. Check IRS Warnings:
   • Stay informed about IRS warnings regarding ERC fraud and common scams. The IRS has created specific pages and news releases about fraudulent ERC claims.

By taking these diligent steps, businesses can significantly reduce their risk and increase their chances of a successful and compliant ERC claim, whether they choose ERCfunding.us or another provider.

Financial Responsibility and Halal Alternatives for Business Funding

As a Muslim professional blog writer, it’s essential to integrate principles of financial responsibility and highlight halal alternatives when discussing business funding and financial services. While the Employee Retention Credit ERC itself, as a government stimulus and tax credit, is generally permissible, the methods through which businesses access and manage funds, especially when engaging third-party services, warrant careful consideration from an Islamic perspective. The core principle of Islamic finance emphasizes fairness, transparency, and avoiding practices like riba interest, gharar excessive uncertainty or speculation, and maysir gambling.

Understanding the ERC from an Islamic Financial Perspective

The ERC is essentially a refundable tax credit—a return of payroll taxes that a business has already paid or a reduction in future payroll tax obligations, provided by the government as a form of relief during economic hardship.

From an Islamic standpoint, receiving a government tax credit is generally permissible as it is a direct return or offset of taxes, not a loan with interest or a speculative venture. Lesgeeksdeschiffres.com Reviews

It aims to support businesses and their employees, which aligns with the Islamic emphasis on social welfare and fair treatment of workers.

However, the process of securing these funds and the engagement with third-party services like ERCfunding.us require scrutiny, particularly concerning their fee structures.

Financial Responsibility in Engaging ERC Services

When dealing with services that charge a percentage of the recovered funds, such as ERCfunding.us’s 15-30% fee, several points of financial responsibility come into play:

1. Transparency and Informed Consent: Ensure you fully understand the fee structure, the services provided, and the potential outcomes. No hidden fees or ambiguous terms should be accepted.
2. Cost-Benefit Analysis: While these services offer convenience and expertise, businesses must weigh the substantial percentage of their potential refund that will be paid in fees against the perceived value.
   • Is the cost justified by the complexity of your case?
   • Could a fixed-fee CPA provide similar expertise at a lower total cost?
   • Do you have the internal capacity to manage some parts of the process yourself, potentially reducing reliance on costly third parties?
3. Avoiding Gharar Excessive Uncertainty: While the ERC program has clear rules, the actual amount a business qualifies for can involve some level of uncertainty until approved by the IRS. Services that charge a percentage of the recovered amount inherently share in this uncertainty, which can be permissible as long as the terms are clear. However, be wary of any service that makes guaranteed promises of specific large sums before a thorough assessment, as this could introduce undue gharar if not based on sound methodology.
4. Documentation and Diligence: Regardless of who processes the claim, the business owner remains ultimately responsible for the accuracy and legitimacy of the information submitted to the IRS. Maintain impeccable records and conduct due diligence on any third-party service to ensure they are reputable and compliant.

Halal Alternatives for Business Funding and Growth

While ERC is a specific type of government relief, the broader context of business funding and growth should always encourage halal alternatives that align with Islamic principles.

1. Ethical Business Practices and Honest Trade:

   • Focus on Value Creation: Instead of relying on speculative gains or interest-based loans, concentrate on creating genuine value through ethical products and services. This fosters sustainable growth.
   • Fair Contracts: Ensure all business contracts, including those with employees, suppliers, and customers, are fair, transparent, and mutually beneficial, avoiding exploitation.

2. Halal Financing Options:

   • Musharakah Partnership: A joint venture where partners share profits and losses based on pre-agreed ratios. This is an ideal form of Islamic business finance as it involves shared risk and reward.
   • Mudarabah Profit-Sharing: One party provides capital, and the other provides expertise and management. Profits are shared, while financial losses are borne by the capital provider unless due to misconduct.
   • Murabahah Cost-Plus Financing: An Islamic bank or financier buys an asset e.g., equipment, property at the request of the client and then sells it to the client at a pre-agreed mark-up. There is no interest involved, just a transparent profit margin.
   • Ijarah Leasing: An Islamic bank buys an asset and leases it to the client for a fixed rental period, with the option for the client to purchase it at the end of the term.
   • Qard Hasan Benevolent Loan: An interest-free loan, typically for social welfare, but can be applied in specific business contexts e.g., small business loans from community funds where the borrower only repays the principal.
   • Equity Financing: Raising capital by selling shares or ownership stakes in the business. This is inherently halal as it represents a partnership with shared risk and reward.

3. Bootstrap and Internal Capital Generation:

   • Disciplined Saving: Prioritize saving and reinvesting profits back into the business to fund growth organically, reducing reliance on external financing.
   • Efficient Operations: Streamline processes, manage inventory effectively, and optimize cash flow to ensure the business can self-fund its expansion as much as possible.

4. Zakat and Sadaqah Charity:

   • While not direct business funding, fulfilling Zakat obligations and engaging in Sadaqah voluntary charity purifies wealth and can attract blessings from Allah. It fosters a sense of community and support that can indirectly benefit the business environment.

In summary, while ERC funding can be a permissible and beneficial relief for businesses, always approach financial services with a discerning eye.

Prioritize transparency, understand all costs, and whenever possible, seek and implement halal alternatives for your broader financial planning and business growth, fostering a resilient and ethically sound enterprise. Profectmedia.co.uk Reviews

Frequently Asked Questions

What is ERCfunding.us?

ERCfunding.us is a service that specializes in assisting small businesses with applying for and maximizing their Employee Retention Credit ERC claims from the federal government.

They aim to simplify the complex process of understanding IRS tax codes and submitting applications for businesses eligible for this refundable tax credit.

Is ERCfunding.us a legitimate service?

Based on its website, ERCfunding.us presents itself as a legitimate ERC assistance service.

They outline their process, fee structure, and provide testimonials.

However, as with any financial service, businesses should perform their own due diligence, review their specific terms, and consider consulting an independent financial advisor.

How does ERCfunding.us charge for its services?

ERCfunding.us charges a percentage of the credit a business receives.

The fee ranges from 15% to 30%, depending on the complexity of the filing.

They offer two payment options: an upfront payment with a discount or payment upon receipt of the credit.

Is the Employee Retention Credit ERC a loan?

No, the Employee Retention Credit ERC is not a loan.

It is a refundable tax credit, meaning it directly reduces a business’s payroll tax liability, and any excess is refunded by the IRS. It does not need to be repaid. Boom.co Reviews

Can I get ERC funds if I already received a PPP loan?

Yes, businesses can qualify for ERC funds even if they received a Paycheck Protection Program PPP loan.

However, you cannot use the same dollar-for-dollar wages to claim both the PPP loan forgiveness and the ERC.

ERCfunding.us states they take this into account during their process.

How long does it take to get ERC credit after working with ERCfunding.us?

ERCfunding.us states that their internal process usually takes about 2 weeks to complete.

After that, they communicate that the IRS has a minimum 20-week turnaround for processing ERC funds, making the conservative total estimated time around 22 weeks.

What are the main qualifications for the ERC program?

Businesses generally qualify for the ERC if they experienced a significant decline in gross receipts e.g., 50% or 80% reduction compared to 2019 or if their business operations were fully or partially suspended due to government orders related to COVID-19 during 2020 and/or Q1-Q3 2021.

Why should I use a specialist like ERCfunding.us instead of my CPA?

ERCfunding.us argues that while CPAs are experts in broad tax code, ERC is a highly specialized area.

They claim their exclusive focus on ERC allows them to understand intricacies, maximize funding potential, and achieve higher approval rates compared to CPAs unfamiliar with the program.

Does ERCfunding.us offer a money-back guarantee?

Yes, ERCfunding.us states that if you choose their upfront payment option and no credit is received by the IRS, they will refund 100% of what you paid, under their 100% Money Back Guarantee.

Are the wages of business owners or family members included in ERC calculations?

Possibly. Thecontentcook.co Reviews

According to ERCfunding.us, if the wages of a majority owner over 50% are above 50% of the company’s total wages, they will not qualify.

Additionally, the W2 wages of any immediate family members of such owners generally do not qualify.

If an owner’s wages are below 50% ownership, their wages and those of immediate family might qualify.

Will the ERC funds run out?

No, ERCfunding.us states that the ERC is not a lending program and is not subject to funds running out.

All eligible employers who file correctly will receive the funds they are entitled to.

However, they advise filing sooner rather than later.

Is the ERC credit taxable income?

No, the ERC credit itself is not considered federal income tax.

However, businesses must reduce their deductible wage expense by the amount of the credit received for the tax year in which the wages were paid.

It’s advisable to consult with a CPA for specific tax implications.

What if my business revenue went up in 2020 or 2021, can I still qualify for ERC?

Yes, you might still qualify. Coles-menswear.co.uk Reviews

Even if your revenue increased, you could qualify if your business experienced a “full or partial shutdown of your business due to COVID-19” as mandated by a government authority during 2020 or 2021.

Does ERCfunding.us provide legal or accounting advice?

No, ERC Funding US, LLC explicitly states on its website that it “DOES NOT provide any legal or accounting advice and users of this web site should consult with their own lawyer and C.P.A. for legal and accounting advice.”

How do I start the qualification process with ERCfunding.us?

To begin the qualification process, you would typically click on a “Begin Qualification” button on their website and provide initial information about your business to determine potential eligibility.

What kind of professional support does ERCfunding.us provide?

ERCfunding.us promises a “dedicated team who are experts in the industry,” aimed at ensuring businesses receive the most funding possible.

This implies personalized assistance throughout the application process.

What kind of businesses does ERCfunding.us typically serve?

ERCfunding.us states that they specialize in “Maximizing ERC Funding for Small Businesses,” indicating their target clientele is primarily small business owners.

What are common reasons a CPA might not be ideal for ERC filings according to ERCfunding.us?

ERCfunding.us suggests that general CPAs might not be ideal because of the sheer volume of tax code over 70,000 pages, making it impossible to be an expert on all of it.

They compare it to seeing a family doctor versus a neurologist, highlighting their specialized focus on ERC.

Can a self-employed individual qualify for the ERC through ERCfunding.us?

According to ERCfunding.us, if you are a majority owner over 50% of your company, your wages generally will not qualify for the ERC.

This impacts many self-employed individuals who are sole proprietors or majority owners. Canadianfrost.ca Reviews

What documentation might I need to provide to ERCfunding.us?

While not explicitly listed, based on ERC requirements, you would likely need to provide payroll records e.g., Form 941s, gross receipts data e.g., tax returns or P&L statements, and documentation related to any government orders that impacted your business operations during the qualifying periods.