Employment Taxes and Department of Labor Audits -

Did your business suffer material reduction in revenues during the Covid Pandemic in 2020 and 2021?

Did your business have to partially or fully shutdown as a result of federal, state or local governmental orders during the Covid crisis in 2020 or 2021?

Did you start a new business, in 2020 or 2021 during the Covid crisis?

If any of the above criteria are met, you may qualify for the Federal Employee Retention Tax Credit, or the ERTC.

The ERTC is a refundable tax credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees. Yes the credit is refundable, and you will receive an actual check from the IRS if you qualify.

For employers who qualify for the ERTC in 2020, including borrowers who took a loan under the initial PPP, the credit can be claimed against 50 percent of qualified wages paid, up to $10,000 per employee annually for wages paid between March 13 and Dec. 31, 2020.

For employers who qualifyfor the ERTC in 2021, including PPP recipients, can claim a credit against 70% of qualified wages paid. The amount of wages that qualifies for the credit is $10,000 per employee per quarter, so a maximum of $7,000 per employee per quarter is allowedTherefore, an employer could claim $7,000 per quarter per employee through the first three quarters of 2021, for a maximum of $21,000 per employee for the 2021 tax year.

Further, a recovery startup business may qualify for up to $50,000 per quarter of ERTC for the 3^rd and 4^th quarter of 2021.

We are experts in the ERTC and have obtained over $1,000,000 in refunds for our clients for which we have filed for the ERTC refund, and have drafted countless legal memorandums supporting ERTC refund claims that have resulted in over $10,000,000 in refunds to date.

Please contact us at (212)281-6064 or at [email protected] for a consultation.

John (Jack) W. Sullivan III, Esq.

Jack has over twenty-five years of experience in tax and corporate law and he advises companies of all sizes from the Fortune 500 to well established mid-sized companies, along with startups, and development stage companies.

Jack’s experience includes all facets of tax and business planning, and tax audit and litigation representation including choice of entity and company formation, contract drafting and review, mergers and acquisitions, nexus analysis and minimization, corporate restructuring, acquisition due diligence, audit representation, tax compliance, ASC 740 (FIN 48) and ASC 450 (FAS 5) documentation, Sarbanes-Oxley process documentation and risk and control analyses, along with Tax Director and General Counsel services.

Mr. Sullivan works with clients in a broad spectrum of industries including moving & storage companies, retailers and e-tailers, real estate concerns, service based entities, financial, multi-media, telecommunications, hotels, law firms, manufacturing, solar power and alternative energy providers, and pharmaceutical companies.

Jack started his career at a “Big Four” accounting firm, and he has worked with some of the largest companies in the Fortune 100 and has assisted many of these entities with significant corporate reorganizations resulting in millions of dollars of tax savings on an annual basis.

Jack also worked for a mid-sized accounting firm and assisted their clients with a wide variety of tax issues. He recently underwent a corporate reorganization for one of the largest private real estate holding conglomerates in the United States resulting in over $500,000 of recurring annual state and city income tax savings.

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