Was your business affected by government shutdowns? Did you lose money due to the impact of the COVID-19 pandemic? It’s not too late to claim the Employee Retention Tax Credit. With 25+ years of global experience, we know how to make tax work for you.
This estimation is based on the information you have provided and assumes that your business meets the eligibility criteria for the relevant period(s) for the Employee Retention Credit (ERC). It is important to keep in mind that this calculator should not be relied upon or used for any other purpose, including applying for the ERC or amending tax returns. Additionally, it does not fully account for other tax credits or COVID-19 relief measures, such as the PPP, FFCRA’s paid leave credits, WOTC, and others, which may affect your eligibility. The information provided by this calculator is of a general nature and is not intended to be construed as legal, accounting, or tax advice, nor is it an opinion provided by Leyton.
The Employee Retention Credit (ERC) is a tax credit created under the CARES Act. This refundable tax credit is a relief measure for businesses that encourages them to keep employees on their payroll. The ERC legislation was expanded under the Consolidated Appropriations Act, which took effect on January 1, 2021, and because of this expansion, all employers who took PPP loans could be eligible for the ERC for 2020 and 2021.
In 2020 eligible businesses can claim up to $5,000 per employee for the year. [The IRS due date for 2020 is April 15, 2024]
In 2021 eligible businesses can claim up to $21,000 per employee for the year. [The IRS due date for 2021 is April 15, 2025]
Leyton has over 70 highly qualified tax & technical experts on staff to calculate your claim and keep up with legislation changes. Our team comprises of CPAs, tax attorneys, scientists, engineers, & so much more.
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Employee Retention Credit Team Leader
Our online application combines the power of technology with the expertise of our best-in-class tax team to help you claim the Employee Retention Credit.
Through an easy-to-use- interface, you can sync your payroll and accounting documents to share relevant business data. Answer a few eligibility questions & let Leyton take care of the rest.
Upload and sync sensitive tax, project, and accounting documents securely. Connect payroll, accounting, and software to pull employee and project data directly into our digitized tax tool.
Our tax experts generate each report to ensure it’s accurate, complete, and audit-defensible – enabling you to optimize your returns.
Access your report and payment portal within the app to complete the process.
This company had a significant decline in gross receipts in 2021. They were also affected by the government shutdown.
This school based out of Massachusetts had a significant decline in gross receipts of 20% compared to 2019.
A small dental practice based out of California claimed Q1 through Q4 of 2020: $18,500 & Q3 of 2021: $21,500.
Our experts have identified $250M in benefit with 0 IRS rejected claims
Leyton can accelerate your credit through the support of our finance partner with an average turnaround of 2 weeks.
We can navigate the interactions between your PPP loans and other credits to help you ensure IRS compliance and reduce audit risk.
All documentation goes through 2 rounds of quality control.
We’ll deliver a detailed summary report report to substantiate your credit per employee.
We’ll calculate your ERC for all applicable financial quarters during 2020 and 2021, ensuring you are receiving your maximum benefit.
The audit window has been extended to 5 years. Trust in our team of tax attorneys that can provide the legal defense needed in the event of an audit. 16 hours are included in our service.
Everything you need to know about ERC
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This credit is calculated differently for eligible quarters in 2020 and 2021. An eligible employer can claim up to $5,000 per employee in 2020 and up to $7,000 per employee per qualifying quarter in 2021. The maximum amount you can claim per employee is $26,000.
While small employers with 100 or fewer employees in 2020 (500 or fewer in 2021) receive more benefits under ERC, large employers can still take advantage of the ERC.
Yes! While wages funded by a PPP loan can’t be included in the ERC calculation, ERC has much wider applicability than your PPP loans. During your claim process with REV by Leyton, you’ll need to provide details on your PPP loans to help qualify employee wages for the ERC.
There is a wide range of businesses that qualify for the ERC. The most typical businesses that qualify are the following industries:
Education | Hospitality | Healthcare | Retail | Industrial | Legal Services | Construction and more!
Schedule a complimentary consultation to chat about the ERC specific to your business.
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