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If you earned income in 2021 as a sole proprietor, 1099 independent contractor, owner of an LLC, or owner in a partnership, you may be eligible for a tax refund of up to $32,220.
“Dean and his team at One Bridge Advisors are dear friends and can be trusted for your ERTC and SETC needs. We have appreciated his heart and wisdom in these matters.”
Tim Clinton, President and Founder
American Association of Christian Counselors
Without consultation, plans are frustrated. But with many counselors they succeed.
Proverbs 15:22
OneBridge Advisors in a consulting group in Richmond, VA that provides professional guidance on tax credits and other financial opportunities that are often overlooked. Current examples of this include the Employee Retention Credit (ERC) and the Self-Employed Tax Credit (SETC).
“Businesses should seek out a trusted tax professional who actually understands the complex ERC rules…”
We only recommend professional firms that are under the counsel of tax attorneys and have third-party CPAs who sign the filings. The firms we recommend for ERC have the highest standards possible for compliance, accuracy, and documentation.
On September 14, 2023, the IRS published the ERC Eligibility Checklist and an FAQ section to make it easier for taxpayers to determine their eligibility for ERC.
OneBridge Advisors™ is pleased to provide our document, ERC Eligibility Simplified, which combines these two tools to help employers more quickly and accurately assess if they are a good candidate for ERC.
"The biggest mistake people make about ERC and SETC is expecting their accountant to fully and accurately know about them. These are very niche Covid-related credits that expire April 18, 2025. Our diligent research enables us to connect people to trusted, reputable experts who specialize in these credits. Our recommended partners ensure compliance and maximize the refunds.
“The ERC is a misunderstood tax benefit – with small and medium business owners and managers of charities either not knowing about the ERC or being wrong (or more likely outdated) about what they do know.”
– Forbes February 15, 2022
“The ERC is a misunderstood tax benefit – with small and medium business owners and managers of charities either not knowing about the ERC or being wrong (or more likely outdated) about what they do know.” – Forbes February 15, 2022
“ERC is an eligibility matrix.” Bloomberg Tax August 10, 2022.
ERC is complex, and is much more about law than accounting, which is why it’s vital to seek advice from a firm that specializes in ERC, and is under the counsel of a tax attorney. A significant decline in gross revenue is only one way to qualify. We estimate over 75% of claims made do not qualify this way. Rather, they qualify because they experienced more than a “nominal effect” caused by a government order. There are hundreds of pages of legislation IRS guidance that help describe eligibility.
This was changed by the Consolidated Appropriations Act that went into effect in 2021.
“ERC is an eligibility matrix.” Bloomberg Tax August 10, 2022.
ERC is complex. IRS Notice 2021-20 expands the definition of “partial suspension” to include factors beyond closing your doors. It is vital to seek advice from a firm that specializes exclusively in ERC to make this determination
Unfortunately not. There has to be a nominal impact that was caused directly or indirectly by a Covid-19 government ordinance.
This is true only if you don’t follow the rules and document it. This is another reason why we recommend a firm that specializes in ERC with tax attorneys who know the law and guarantee their work. These firms also allow you to review the filing prior to it being submitted to the IRS. You can review the submission package prior to it being submitted to the IRS with your tax advisor as an extra “double-check.”
The IRS has warned twice as of May 2023 to beware of 3rd party solicitations that seem ‘too good to be true.’ Similar to PPP loans and Social Security claims, there are always schemes and frauds. Rightfully so, the IRS is concerned by the number of seemingly unqualified companies now advertising for ERC. While there is zero evidence that you are more likely to be audited, our recommended providers prepare all their filings as if each client was audited. If for any reason you are audited for this filing, that firm would be completely prepared to win the audit by showing the documentation that supports your claim.
You are not eligible if you do not pay W2 wages outside of owners and their family members by blood or marriage. You are not eligible if you did not experience a ‘nominal impact’ on part of your business from government mandates related to Covid-19. If you are the latter, it often takes an in-depth analysis to make this determination. There is no financial risk to do this.
Yes, if you closed temporarily but paid W2 Employees in some of the seven eligible quarters, you may qualify.
It’s hard to find anyone who will do this work for less than 5 full-time employees. However, we have a partner firm willing to do it.
Whoever owns the EIN can file for this credit. The checks are made to the entity/EIN that paid the W2 wages during 2020-2021. As an example, if a business owner sold the assets of the business (customer list, equipment, logo, etc), but retained the EIN, they can still make this claim. If your number is fewer than five, we recommend asking your accountant if you qualify for any of the quarters available under “a significant decline in gross revenue.” This is a rather simple calculation, and if you qualify under one quarter for this, you can often claim one or two more quarters after this. You can also look at the IRS website to see these rules. If you do qualify for some of the seven quarters this way, ask an accountant with ERC filing experience to help you.
If you do not qualify under gross revenue decline for any quarters and have four full-time employees, we can sometimes get an exception. The problem is that the CPA firm that does this work for you often loses money because the claim is so small.
The majority of the money to be claimed is found in the first three quarters of 2021. The more full-time employees you had then, the greater your possible claim is.
Clergy who claim the housing allowance are excluded from the employee count.
The best place to read is IRS Notice 2021-20. https://www.irs.gov/pub/irs-drop/n-21-20.pdf You can also read IRS FAQs. https://www.irs.gov/newsroom/covid-19-related-employee-retention-credits-determining-when-an-employers-trade-or-business-operations-are-considered-to-be-fully-or-partially-suspended-due-to-a-governmental-order-faqs There is additional IRS guidance on the IRS website in addition to the legislation. The original legislation is found under section 2301 of the CARES Act, but it was revised three times after this.
OneBridge Advisors™ is an independent consulting group, not an accounting or law firm. OneBridge Advisors™ seeks to provide value by assessing a specific matter and connecting an employer or individual to a trusted source that can best serve that matter. OneBridge Advisors™ is not herein engaged in rendering legal, accounting, or tax preparation services. The information on this website is provided with the understanding that you are under no obligation to retain any services of those linked through our website. The case studies included are for example purposes only and do not guarantee results. More information can be found at https://www.irs.gov/newsroom/new-law-extends-covid-tax-credit-for-employers-who-keep-workers-on-payroll
PCC mistakenly believed they did not qualify. After a more thorough evaluation, they qualified for $683,000.
CEO Amanda Habansky originally tabled pursuing ERC due to a lack of clarity. After hearing Dean Francis speak at a banking event, she chose to retain a professional firm Dean recommended. People’s Advantage qualified for $570,000.
Like most, Head of School Keith Nix was originally told that they didn’t qualify, but he refused to give up, and kept looking into it. Once he connected with one of our partner firms, Veritas qualified for a significant amount.
Greg’s company Southern Brick saw an increase in gross revenue during 2020-2021. He was doubtful he would qualify, and almost didn’t try. After being evaluated under the nominal impact part of ERC legislation and IRS guidance, Southern Brick qualified for $1,024,000.
Tom’s bookkeeper helped him file for $19,000. After a more thorough analysis with a specialty CPA firm we recommended, Tom qualified for an additional $85,000.
Dan had already filed for ERC through a traditional accounting firm. Based on Dan’s employee count, we felt it was incomplete, and recommended a specialty CPA firm to do a more thorough evaluation. Dan realized $335,000 more.
Mercy Mall is a nonprofit based in Richmond, VA, serving families in crisis. One of their board members is a tax attorney. They qualified for $62,000.
Dan had already filed for ERC through a traditional accounting firm. Based on Dan’s employee count, we felt it was incomplete, and recommended a specialty CPA firm to do a more thorough evaluation. Dan realized $335,000 more.
Businesses
A+ Roofing
American Association of Christian Counselors
Angus Dentistry
Atkinson Truck Sales
Bert’s Garage
Burger Bach
Buz & Ned’s
Cafe Y Sabor
Car Credit Nation
Central Virginia Insurance
Chris M Ashby, DDS
Angus Dentistry
Christian Counseling Assoc of Western PA
Cobb Technologies
Codeblue Technology
Crossfit Pushin Weight
Daniel Brian Advertising
Deshazo & Son Roofing
Dominion Lightworks
Dominion Lock & Security
Dr. George Varkey, DMD
DRP Collision
Eddie’s Truckworx
Elite Contracting Group
Energy Pro Heating & Cooling
Fahrenheit Advisors
Figtree Therapy
Greenbrier Management Company
Grub Restaurant Group
Minor’s Fences
Stone’s Office Equipment
Foundation For Care
Gather Workspaces
Handi Maids
Heartland Concrete
IdeaWeavers
Intercept Health
Kinloch Capital
Lasabrosita Bakery
Light Counseling
Lucky Road Run Shop
Maxx Potential
Old Towne Counseling
SJ Ryan Electrical
Smiley’s Auto Glass
Southern Brick
Star Commercial Janitorial Services
Studio 9:13
Sumser Insurance
Superior Walls of Central Virginia
The Restaurant Company
Triumph Residential Services
United Family Smiles
Virginia Site Concepts
Virginia Stone Products
Walker’s Carpet & Interiors
Xponent 21
Zoe RVA Therapy
Churches, Private Schools & Daycares
Atlee Community Church
Berea Baptist Church
Bethel Bible Fellowship
Blue Ridge Fellowship
Brandywine Community Church
Calvary Baptist Church
Cinco Baptist Church
Cloverhill Church
Cloverhill Christian Academy
Chapel RVA
Crossroads Church Norfolk
Village Church
Destination Church
Dwelling Place Christian Fellowship
Engage Church
Foursquare Early Learning Center
Hartsville Christian School
Harvest Community Church of Goshen
Kirkmont Church
Lakeview Church
Life Church and Christian Academy
Lighthouse Church
Little Lights Daycare
Movement Church
New Covenant Church
Oakland Christian Church
Passion Community Church
Richmond Waldorf School
Venture Church
Non-Profit Organizations and Ministries
Better Business Bureau Serving Central Virginia
Better2Gether
Boys To Men Mentoring
Capital City Shining Stars
Characterworks
Chesterfield CASA
Chesterfield Chamber of Commerce
Chesterfield Food Bank
Children’s Hospital Foundation
Conexus Vision
Family Lifeline
Fatherhood Foundation
Goochland Chamber of Commerce
Good News Jail Ministry
Hanover Chamber of Commerce
Henrico CASA
Home Again
Honey Lake Clinic
Hope Out Loud
James House
Journey House Recovery
Justice Mercy International
Kidz Blitz Ministries
Kingdom Kidz Academy
Least of the These Carolinas
Mercy Mall of Virginia
Metropolitan Business League
National Independent Automobile Dealers Assoc
Oasis World Ministries
Opportunity Scholars
People’s Advantage Federal Credit Union
Powhatan Chamber of Commerce
Podium Foundation
Renewal Counseling
RichClean
Virginia Independent Automobile Dealers Assoc
Safehouse Project
Senior Connections
Virginia War Memorial Foundation
Virginia Down Syndrome Association
Virginia Hispanic Chamber of Commerce
