Employee Retention Tax Credit

EMPLOYEE RETENTION TAX CREDIT

Receive Up To $26,000 Cash Refund Per Employee

We’ve helped employers nationwide affected by the pandemic maximize their Employee Retention Credit Refund. We’re offering a completely free ERC evaluation. Learn how we can help you and book a free ERC evaluation. Find out if you qualify.

ERC REFUND

What is the ERC?

The Employee Retention Tax Credit (ERC) is a refundable payroll tax credit created to provide relief to business owners who kept staff employed during the pandemic. You can claim the ERC retroactively for tax years 2021 and 2020. You can get up to $26,000 for each employee!

TAXES

BOOKKEEPING

Bookkeeping made easy.

Our bookkeeping specialists and accounting software can help you gain control of your business finances. You’ll have accurate business financial accessible from any smart device. Stay focus on running your business while we crunch the numbers.

PAYROLL

Pay your employees without stress.

Our specialists can take care of payroll to help you save time, reduce cost, enhance security, and maintain compliance. Avoid the penalties caused by errors, omissions, or late tax payments. Gain peace of mind knowing your payroll is in good hands.

DETERMINE ERC ELIGIBILITY

Receive a free initial ERC evaluation and estimate from our ERC experts.

DETERMINE QUALIFIED WAGES

We analyze wages paid to each employee to determine qualified wages.

ACCURATELY CALCULATE CREDITS

We calculate the maximum ERC credit and interplay with PPP or other credits.

PREPARE NECESSARY DOCUMENTATION

We can help compile documentation to demonstrate ERC eligibility.

PREPARE AMENDED TAX RETURNS

We will prepare and help you file the 941-X Amended payroll return with the IRS.

KEEP BUSINESS COMPLIANT

We ensure you comply with all ERC rules and regulations.

GET STARTED TODAY

3 Steps to Claim Your ERC Credits

STEP 1

Free ERC Evaluation

Fill out the form below to request a Free ERC Evaluation. One of our ERC Specialists will help you determine eligibility. This evaluation is provided at no cost or obligation.

STEP 2

Submit Documentation

Submit your documentation through the MI Tax portal. Our ERC specialists will determine qualified wages, calculates credits, and prepares necessary tax forms.

STEP 2

Receive Funds

Completed ERC documents are filed with the IRS. It may take 6 to 12 months for the IRS to process your claim. Once processed you’ll get a check in the mail for ERC credit.

GET QUALIFIED

Request a Complimentary ERC Evaluation for your Business or Non-Profit

Our ERC specialists help employers determine their ERC eligibility and provide them guidance on how to claim.

Frequently Asked Questions

Need some help with a question? see below if we’ve already answered it. If you still can’t find an answer to your question, please give us a call at (516) 500-5000 or email us at mark@mitaxins.com

WHAT IS THE EMPLOYEE RETENTION TAX CREDIT?

The ERC is a refundable payroll tax credit created to provide relief to business owners affected by the pandemic. The refund is paid by the U.S. Treasury Department. This is not a loan and doesn’t have to be repaid.

WHICH EMPLOYERS ARE ELIGIBLE FOR ERC?

Employers of businesses or tax-exempt organizations can qualify for the tax credit if they meet one of the following criteria:

The full or partial suspension of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19.
If an employer’s business operations continued but were subject to modification as a result of governmental order, the modification can be considered a partial suspension of business operations when it had more than a nominal effect on the business operations.
Some examples of governmental orders that caused the partial suspension of operations: limited capacity, reduced services, supply chain disruptions, reduction of hours, and closure for the cleaning and disinfecting of a facility.
experienced a significant decline in gross receipts (revenue)
it is a Recovery Start-up Business that began operations after Feb.15, 2020, and has less than average annual gross receipts of a million.

HOW IS THE EMPLOYEE RETENTION CREDIT CALCULATED?

The 2020 and 2021 ERC credit is calculated differently:

2020 ERC. For the 2020 tax year, the ERC was limited to 50% of the first $10,000 of qualified wages paid to the employee from March 13, 2020, to December 31, 2020. This means that the maximum amount that could be credited back to the employer was $5,000 per employee.

2021 ERC. For the 2021 tax year, the ERC is equal to 70% of up to $10,000 in qualified wages paid to an employee, per quarter from January 1, 2021, to September 30, 2021. The maximum credit that can be claimed for each employee per quarter is $7,000. An employer could receive up to $21,000 credit for each employee in 2021.

The employer can get refunded up to $26K per employee when claim credits in 2020 and 2021.

Employers that had a 90% decline in gross receipt when comparing a calendar quarter in 2021 to the same calendar quarter in 2019 are considered to be “severely financially distressed “. These employers can count all wages regardless of the size of the business or the number of employees.

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WHY SMALL BUSINESS OWNERS LOVE WORKING WITH MI TAX

We appreciate all the attention to detail, willingness to answer any questions, dedication to our business, their expertise and knowledge. They are a key part of our success.

MI-Tax has been an excellent fit for my company. The online model and upfront pricing makes planning easy. I have nothing but the best to say about their service.

My business management has become infinitely less complicated, and I have more time to focus on my products and customers. Highly recommend the MI-Tax team!

Employee Retention Tax Credit