Erica Seppala

How you record the ERC as a journal entry depends on when you claimed the credit and if you received it as a refund. You can record the transaction by debiting the Income Tax Expense account and crediting the Cash account if you claimed the ERC on your quarterly return. If you filed an amended return to receive a refund, you will record a debit in your Cash account and a debit under the Income Tax Expense account.

The IRS currently has a backlog of ERC claims, and the current estimated time to receive your ERC is anywhere from four to 12 months. Some ERC funding companies also take several weeks to complete and submit your claim, so make sure that you add in this extra time if you use a third-party service.

It is not too late the claim the ERC. If you qualify, you can file an amended quarterly return using Form 941-X to receive the tax credit in the form of a refund.

The ERC is calculated based on the amount of qualified wages paid by eligible employers to their full-time employees in 2020 or certain calendar quarters of 2021.

Stenson Tamaddon is a company that helps businesses nationwide calculate and claim the Employee Retention Tax Credit. They also help businesses claim other niche tax credits like the Research and Development Tax Credit and other work opportunity tax credits.

Omega Accounting Solutions can help business owners claim the Employee Retention Tax Credit and the Research and Development Tax Credit. Omega also offers additional services, including fractional CFOs, fractional accounting, business intelligence, analytics, and reporting.

ERC Today takes the guesswork out of claiming the ERC. ERC Today does all of the heavy lifting to help business owners determine if they qualify for ERC, calculate the amount of ERC, and file the proper paperwork with the IRS to receive a refund check.

ERC Specialists can help business owners claim the employee retention tax credit. For a fee, ERC Specialists calculates the amount of the credit and files amended tax returns on the business’s behalf to retroactively claim the tax credit as a refund from the IRS.

Innovation Refunds is a solid choice for processing your ERC claims. A free analysis, dedicated account representatives, built-in audit support, an easy application process, and excellent customer reviews make Innovation Refunds a solid contender in the industry, landing it among the best ERC companies.

In order to receive offers through Amazon Lending, you must have a U.S.-based Amazon business. Amazon does not disclose its lending criteria, but it does state that you may qualify for one or more products at any time. To see if you have any offers, simply check the homepage of your Seller Central account.