Are There Resources for Businesses Seeking the ERC Credit?

July 14, 2023
Dayes Law Firm

ERC refundable tax credits can bring serious relief to business owners who were hit hard by the COVID-19 pandemic. The ERC stands for “Employee Retention Credit” and allows you to recover up to $26,000 per employee, even if you furloughed those employees and they didn’t provide any services to you.

It’s possible to claim the ERC on your employer tax return, but filing an amended return can be a major pain. The following ERC business resources can help you calculate your credit, deal with all the paperwork, and submit your documents for a refund. They aren’t free, but you might find the convenience worth the cost.

ERC Funding Services for Business Owners

Business owners who paid qualified wages and want to claim the ERC can seek help from:

  • Tax preparation services
  • Law firms
  • Certified public accountants (CPAs)
  • Payroll tax companies
  • ERC funding companies

These ERC business resources will cost you, but fees vary widely. Below, we’ll talk about ERC funding companies offering a good value for their services.

ERC Companies That Can Help You Claim Your Credit

You’ll find quite a few ERC funding companies out there, and sadly, not all of them are legit. The following companies boast good customer reviews and have helped clients claim the refunds they qualify for.

Omega Tax Credits

Omega Tax Credits is a good choice for businesses that need funding now. Because of delays and backlogs, the IRS could take several months to a year to send you your credit. Omega Tax Credits provides instant funding with its ERC bridge loans.

The company’s refund process is quick and easy, but one drawback is that it doesn’t disclose its fees online. You must contact them for a quote if you want to know how much you’ll pay.

ERC Today

Unlike many other ERC companies, ERC Today doesn’t charge a fee just to tell you whether you qualify for the credit. The company can file your claim in as little as one week, but you’ll still need to wait on the IRS to respond, which could take a few months.

ERC Today also has dedicated client support reps on hand to answer all your questions. As with Omega Tax Credits, you’ll need to reach out to them for a quote.

Lendio

If you’re concerned about fees, you’ll like Lendio. It takes a cut of just 15% from your refund, which is far lower than the fee some other ERC companies charge.

Lendio offers other types of funding you can apply for while waiting on your refund, too. One downside is that it’s a bit slower than other companies. It could take up to 25 days to file your claim, and you may wait two to eight months for the IRS to send your refund.

Innovation Refunds

If you want guidance from independent tax attorneys and CPAs, you might consider Innovation Refunds. This company pairs you with a dedicated refund representative and can even protect you if the IRS audits your business.

It’s free to find out whether you qualify, but be prepared to pay a pricey fee if you go through with the application. Innovation Refunds takes 25% of your ERC, which is much higher than other companies.

Contact Dayes Law Firm for Help Claiming the ERC

If you’re looking for an experienced and trustworthy company to help you claim the ERC, call Dayes Law Firm. We offer ERC business resources and guidance for business owners who want help applying for the credit.

To book a free consultation, call (800) 503-2000.