ERTC EMPLOYEE RETENTION TAX CREDIT FREQUENTLY ASKED QUESTIONS
Who is not eligible?
The ERTC is available to businesses that experienced a drop in revenue or had their operations affected by a governmental mandate and kept their employees on payroll during the pandemic.
That said, there are a few exceptions for our ERTC services, including:
- State and local government employers
- Self-employed individuals with no employees
- Businesses with less than 3 full-time W-2 employees
- 1099 employees
- The business owner and family members
Contact us today if you are still uncertain if you qualify for the ERTC. In just a short time, The Lake Law Firm can determine whether your business is eligible.
How much do we charge?
The beauty of working with The Lake Law Firm is you don’t pay us anything until and unless we recover funds for you! We work on a contingency fee, meaning we only get paid if we successfully secure your refund. With our ERTC services, there are no upfront costs, and we even provide free case evaluations.
When we submit the calculation to the IRS, we generate an invoice for your company. The amount owed is due when your business receives the refund from the IRS. If you do not receive a check, then you owe us nothing.
What happens next after I apply?
After applying, you sit back with peace of mind knowing that our skilled ERTC accountants and attorneys are working on filing your claim. We complete and submit the complicated IRS forms, so you don’t have to.
Then you wait to receive your check from the IRS. Turnaround time for the ERTC refund varies, but we have helped some businesses get their refund in as little as 3 to 6 months.
What are the steps in recovering my funds?
Partnering with The Lake Law Firm makes the ERTC process easy and straightforward.
- Apply online by filling out and submitting our short questionnaire
- We schedule a no-obligation ERTC evaluation to speak with you and collect the necessary documents to start your claim
- You receive a claim package to review and sign
- Once the information is verified, we file and submit all IRS forms
- You receive a check from the IRS
Why did I receive a contract to sign?
After filling out the questionnaire, you will receive a contract. We send out this contract to expedite the process, but you are not obligated to sign.
If you are confused about why you received a contract, please contact us immediately. We are happy to speak with you and answer any other questions you may have about the ERTC.
Why should I use The Lake Law Firm?
While you can file an ERTC claim directly on your own or even seek other advisors, The Lake Law Firm’s ERTC services are second to none.
Since we are a law firm, we handle ERTC claims ethically and safely. Our professional team consists of attorneys and CPAs that provide multiple quality checks to ensure your ERTC claim is legal and honest. With our detail-oriented staff, all calculations are done correctly, and we only present truthful facts to recover your money. Plus, we only submit your ERTC claim after you verify it is correct.
Also, our services minimize the risk of audits. However, if you are audited, our capable attorneys will provide a comprehensive audit defense at no extra cost.
Who decides who qualifies?
The government has determined the guidelines for the ERTC.
A CPA or payroll company may have advised you that your business is ineligible because it did not suffer a decline in revenue. Yet, a drop in revenue is not the only qualifier.
The Lake Law Firm has extensive experience handling ERTC claims. Therefore, we have considerable knowledge of ERTC eligibility requirements. We can quickly determine if you can recover the ERTC refund through a complimentary case evaluation.
How do I know it is not a scam?
The Employee Retention Tax Credit is a legitimate program created by the federal government to assist businesses affected by the COVID-19 pandemic. You can visit the official IRS website and see that it is a valid program the government offers to aid businesses.
Some employers worry about third parties scamming them by saying they qualify when they actually don’t. However, The Lake Law Firm is a recognized law group with experienced attorneys and CPAs.
What is the purpose of ERTC?
The purpose of the ERTC is to reward businesses that kept employees on payroll during the pandemic. This program has set aside $50 billion to pay businesses that suffered a decline in revenue OR were affected by governmental mandates and maintained their staff.
Why was the ERTC created?
The pandemic was a very challenging time, especially for businesses. Governmental mandates, travel restrictions, decreased revenue, and more limitations forced many business owners to lay off employees. The ERTC was initially an incentive for business owners to retain employees.
In March 2020, the government created the ERTC under the Coronavirus Aid, Relief and Economic Security (CARES) Act to encourage businesses to keep employees on their payroll.
How can the ERTC help my business?
The ERTC can greatly benefit your business since it is essentially free money. Our ERTC services require very little work and input from business owners. You can focus on your business instead of spending time applying for the ERTC by yourself. When you team up with The Lake Law Firm, we do the work to maximize your credit to recover up to $26,000 per W-2 employee.
That amount can aid your business tremendously. When operating a business, every penny counts. ERTC money can assist your business in its recovery from COVID-19 and help it thrive.
Can I apply with no employees?
Unfortunately, self-employed individuals do not qualify for the ERTC. You are not eligible for the ERTC for your own wages. However, if you employed individuals besides yourself and family members, you could claim the ERTC for wages paid to those employees.
What can I do with my ERTC money once obtained?
Once you have the check in hand, the possibilities are endless. You choose how you use the money recovered through the Employee Retention Tax Credit.
Reinvesting in your business is a fantastic way to use the ERTC money. You can use your ERTC refund to employ more staff, expand your operations, update equipment, fund a new venture, and more.
Is this a loan?
The Employee Retention Tax Credit is NOT a loan. Unlike PPP, the ERTC is a permanent tax refund.
Do I have to pay back this credit?
No, you never have to pay back the Employee Retention Tax Credit since it is not a loan! The government owes you this money. Once you claim the ERTC refund, you decide what to do with the funds.
When is the deadline to apply?
- April 15, 2024, is the deadline to file an ERTC claim for 2020 credits
- April 15, 2025, is the deadline to file an ERTC claim for 2021 credits