ERC Assist for Banks
Does Your Bank Qualify for ERC?
Does your bank qualify for an ERC? We are not sure, but we have successfully filed for more than 30 banks, many of which thought that they did not qualify. It depends on where each branch is located and how you were effected by the pandemic during 2020 and 2021. We do know that time is running out and now is the time to explore before it is too late. At present there is an IRS hold until the end of the year. This gives your bank the time to get in line.
What is ERC Assist?
ERC Assist offers a truly unique and specialized service designed specifically for the financial services industry. Our aim is to provide valuable assistance to banks, credit unions, funds, and asset managers in evaluating their eligibility for the highly advantageous Employee Retention Credit (ERC). If they meet the requirements, we offer expert guidance in preparing all the necessary materials to support their ERC claim.
In these challenging times brought about by the global pandemic, the ERC, which is a refundable tax credit under the CARES Act, can be a lifeline for businesses across various sectors, including financial services institutions. The Internal Revenue Service (IRS) is responsible for granting this tax credit. Unfortunately, many eligible institutions are either unaware of the program or face difficulties in navigating the application process.
Only the Best
To ensure our clients receive the utmost level of expertise, ERC Assist collaborates with highly reputable tax accounting firms and attorneys who have a proven track record of successfully processing ERC refund claims for banks nationwide. It is crucial to note that the IRS is currently prioritizing investigations into potential fraud related to ERC claims, leading to a temporary halt in the processing of these claims. As a result, the IRS strongly advises businesses to partner with reputable firms that possess a deep understanding of the intricate eligibility requirements. With ERC Assist, we conduct a comprehensive evaluation of our clients' eligibility with the invaluable assistance of our experienced tax experts. Once eligibility is determined, we take care of the entire filing process for their refund with the IRS.
Bank ERC: Expert Opinion
Ernst & Young LLP professionals recently reviewed the core eligibility requirements of the ERC for banks and shared their experience in qualifying them, including several case studies of successful claims filed. Topics covered included "full" or "partial suspension" requirement, evaluating eligible employees, IRS guidance on adjustments, claim submission process, and best practices for documenting refund claims. Watch this webcast for a detailed analysis of the process for banks. Click here.
Get a Quick Estimate
Our ERC Range Estimator gives an approximate range of the refund for banks with less than 500 employees in Q1 2021. If you like the estimate below and you are interested in moving forward, please submit the information below and we will send you a link to get started.