Employee Retention Tax Credit
Chicago and Illinois businesses that were adversely impacted by the COVID-19 pandemic may be surprised to learn about a potential savings opportunity STILL AVAILABLE through the Employee Retention Tax Credit (ERTC). The ERTC is a refundable payroll tax credit available to businesses and nonprofit organizations. Although the program ended on September 30, 2021, eligible businesses can still receive a per-employee annual maximum credit of $21,000. To be eligible, amongst other criteria, a Cincinnati business must have experienced a reduction in gross receipts of at least 20% over prior years. Although the credit applies towards eligible wages paid in 2020 and 2021, eligible businesses have until 2023 to calculate and claim the credit. In other words, there is still time to realize tax savings.
Chicago ERTC Consulting Experience
Barnes Dennig offers review, assessment, calculation, and consulting services to businesses in Chicago and across Illinois. Our team has prepared analyses of hundreds of organizations (both businesses and not-for-profits), managing the process from initial eligibility verification to amended IRS Form 941s, signed by a Certified Public Accountant (CPA). The result is a seamless and convenient process backed by a provider that understands the nuances of the process
ERTC Consulting Success
Map of Chicago, IL
Chicago (IL) ERTC Services
- Assess the organization’s eligibility
- Conduct an initial savings analysis
- Seek maximization of ERTC opportunities
- Coordinate with PPP loan forgiveness and other tax credits
- Calculate the credit
- Review and compile the required documentation
- As needed, work with third-party providers including outsourced payroll providers.
- Prepare the necessary amended tax filing forms necessary for submission to the IRS to claim the credit.
Does Your Chicago Business Qualify?
Find out if you qualify, and what the ERTC may be worth to your Chicago or Illinois organization. Take the ERTC Quick Test and a member of our COVID-19 Advisory Team will contact you with the next steps.
Please Note: You will need your total payroll numbers for Q1-Q3 to complete the QuickTest. Additionally, please note that the QuickTest works best for organizations with at least one full-time employee – it doesn’t work well for most sole proprietors.