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Employee Retention Credit

 

Working people

 

 

Payroll Tax Refund 

What would your business do with over $400k?

That's the average payroll tax refund amount our small business clients receive.

Your business could be owed thousands in Payroll Tax Refunds through the Employee Retention Credit (ERC). The ERC is a refundable tax credit designed to help small businesses who kept employees on payroll during the pandemic. Rocky Mountain Bank & Trust is partnered with Innovation Refunds to help our customers to take advantage of the ERC program. You may qualify for up to $26,000.00 per eligible employee through the ERC program. *

How it Works

Step 1: Answer a few questions about your business, in less than 15 minutes!

Step 2: A CPA / Tax Attorney assesses how much money you are owed

Step 3: Your paperwork is sent to the government and the refund is processed

You can still qualify if:

  • Whether or not your business received PPP funding
  • Your CPA suggested that your business would not qualify

Benefits You'll Love

  • No upfront cost
    • Find out if you qualify at no cost for RMBT customers. You don't pay a penny until you receive your refund check from the IRS!
  • Full Service
    • You will be assigned your own refund specialist for the entire process
  • Network of Specialists
    • CPA's and tax attorneys with vast experience with ERC will review, prepare, and submit your application to the IRS

Ready to claim your refund?

The period to apply for the ERC is scheduled to end. The longer you wait, the less your refund will be.

Apply now!

Apply here button

 

Frequently Asked Questions about the Employee Retention Credit

 
What is the Employee Retention Credit (ERC)?

ERC is a refundable payroll tax credit. Born out of the same CARES Act as PPP, its aim is to incentivize economic relief for small and medium businesses who retained employees during the COVID-19 pandemic. Initially, eligible employers could only take either PPP, or ERC. In early 2021, the rules changed and now your business can claim ERC even if you received PPP funds. That’s great news.

How is ERC different from the Paycheck Protection Program (PPP)?

PPP was a forgivable loan. ERC returns the payroll taxes that your business has already paid. Once you receive the ERC funds from the US Treasury, no further action is required on your part.

Why haven't I heard of ERC before?

PPP was heavily marketed by the SBA, while ERC is claimed directly through the U.S. Treasury. Our partnership with IR will educate businesses about the payroll tax refund they may be entitled to.

Why can't my CPA do this for me?

There are over 70,000 pages of tax code: it's impossible to be an expert on all of them. ERC is all that RMBT's partner, Innovation Refunds, does.

How do I know if my business qualifies?

The IRS expects 70% - 80% of small and medium businesses to qualify. A qualification check is free and fast, for all RMBT customers. If your business experienced disruptions to commerce, travel, or group meetings, you qualify! This includes supply chain disruptions, price increases, staffing shortages, difficulty hiring, reduced hours, reduction in goods or services offered, were unable to travel, or attend conventions. Talk to a ERC specialist today, to find out if you qualify.

What if we wait to claim ERC?

Time is of the essence as the program has technically expired. We all know that government funded programs are subject to change. We have a limited window of time to claw back the money which is rightfully owed to you. The program could run out of allocated funds at any time and is subject to the whims of congress. Don’t delay!

Do I have to pay this back?

Unlike PPP, this is not a loan. It's money for your business, and it's up to you how you use it.

My business was profitable or deemed essential, can I still qualify?

Absolutely! Both Essential and Non-essential businesses alike can qualify, and a decline in revenue is not required. Many of our clients even had increases in sales, but still experienced disruptions or were negatively impacted.

How long will it take to get my refund?

IR will complete the processing of your paperwork within 30 days of receiving your documents. You’ll receive refund checks from the US Treasury in 5 - 8 months depending upon backlog. The longer you wait, the longer it will take! Apply early to process your refund now!

How is my refund calculated?

Determining the proper amount that you’re entitled to is a complex accounting process. Although these are payroll tax credits, what you’ve paid in payroll tax has no bearing on your ERC calculations. The refunds are based on many factors including qualifying quarters, number of employees, hours worked, wages paid and if applicable, PPP loans, group health premiums and participation in other government programs to name a few.  One of the reasons that we choose Innovation Refunds is that their expert CPAs and Tax Attorneys determine, for free, exactly how much money your business is eligible to receive. Helping businesses to properly unlock these government incentives is Innovation Refunds’ specialty.

But I've been told my business does not qualify.

Our team has already recovered over $1 billion dollars in refunds that businesses were entitled to. Many times, for companies who were previously told they didn’t qualify. It won’t cost you a penny to see how much we can recover for you.

*Subject to Tax Evaluation by Innovation Refunds. Pre-qualification is not a guarantee of approval. Rocky Mountain Bank & Trust is not affiliated to Innovation Refunds and makes no representation or warranty as to the quality, accuracy, or reliability of Innovation Refunds website.

 
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