If you run a business that was affected by the pandemic, you may be entitled to claim the Employee Retention Credit (ERC). While every ERC claim is unique to the circumstances involved, the credit amount can be immense, and if you qualify, taking the steps necessary to file is both well advised and well worth the effort. Using our ERC tax filing services in Chicago, Illinois can help protect you from ERC fraud, which is rampant, and from paying for services you don’t need – while skillfully guiding you toward the credit for which you qualify!
To qualify for the ERC under the financial impact test, one of the following must apply to your business:
The operational impact test relates to closing your business either completely or partially in response to a pandemic closure order that was issued by a governmental authority, whether that means the federal government, the State of Illinois, the City of Chicago, or a local ordinance.
USE OUR ERC TAX FILING SERVICE IN CHICAGO TO FILE A LEGITIMATE CLAIM
If you believe you may qualify for ERC or are interested in learning more, it’s an excellent idea to consult with an established tax attorney in Chicago that KNOWS the ERC. Eligibility is based on complex legalities that payroll companies and accountants don’t have the legal experience to navigate as effectively and efficiently as ERC tax firms do, which can jeopardize your ability to receive the maximum credit.
We take things a step further than merely filing your well-considered claim. In fact, we include a carefully worded opinion letter that strongly supports your claim to an ERC credit, helps protect you in the event of an audit, and memorializes the facts relevant to your claim for future reference.
The IRS moves slowly, but remaining in close contact with the service can help you bypass issues along the way. As part of our ERC services in Illinois, we alleviate the stress of reaching out to the IRS by working with them directly on your behalf – in pursuit of your timely credit.
The Employee Retention Tax Credit (ERTC) refers to a refundable tax credit that’s based on pandemic-related losses, which eligible employers can claim against specific employment taxes. The CARES Act spawned the ERTC as a means of incentivizing employers to keep employees on payroll during the pandemic.
The ERTC is not a loan, and you aren’t required to pay it back. Further, the credit amount can be quite high. Unlike the Paycheck Protection Program, which provided forgivable loans, the ERTC affords relief in the form of refundable credits on federal payroll taxes. The credit is designed to help offset the cost of keeping employees on payroll throughout the pandemic.
Unlike several other relief programs, the ERTC remains active, and this is why you can still seek reimbursements up to certain maximums for payroll tax returns filed for the 2020 and 2021 tax years. It’s important to note, however, that a statute of limitations applies, and some of the more distant tax quarters began phasing out in 2023. This makes hiring us for ERC assistance in Chicago even more worthwhile.
Yes. The credit is calculated and then claimed on an amendment to your 2020 and 2021 payroll tax returns (Form 941, Form 941-X).
Yes. If the PPP loan was forgiven, it could impact your business' eligibility; however, our ERC law team can work with you to verify your claim.
Probably yes. An employer that operates an essential business may still qualify for the credit if, under the facts and circumstances, more than a nominal portion of its business operations were suspended by a governmental order.
Our ERC tax filing service for Illinois can ensure you file correctly
Too many business owners in Chicago & Illinois are filing ERC claims that have been thrown together by pop-up companies, which have capitalized on greed and panic. Some of these businesses are scams and others just don't have the knowledge you need. At Brotman Law, we provide peace of mind knowing you have legal professionals with an imposing range of experience guiding your claim.
Taking on the IRS on your own is intimidating at best, but when you use our ERC services in Chicago, we communicate with the IRS on your behalf. Our legal team is made up of attorneys who have helped many Chicago-area business owners – from wide-ranging enterprises – file successful tax credit claims.
At Brotman Law, your ERC claim is not just another number. We work closely with our clients to help ensure optimal outcomes. Every tax credit filing we make is unique to the business behind it, and we never lose sight of this fact. Every ERC filing requires careful attention, and we make it our business to provide it.
Set up a quick call with our firm's concierge to see if we'll be able to help you. The whole process will take 10 minutes or less. If your matter is urgent we will also help to expedite a meeting with Sam.
Tax law can be complex, confusing, frustrating, and even scary. We're here to help!
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, I must inform you that any U.S. federal tax advice contained in this website is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter contained in this website.