When Stacy Wagner of Metropolitan Ministries initially considered the possibility of claiming ERC credits, she didn’t think her company would qualify. Metropolitan Ministries, an organization that offers services for at – risk and homeless families in underserved communities, had received a PPP loan during the pandemic, and Stacy was hesitant about whether they could also receive credits from the ERC program.
“I was initially hesitant because we had previously been granted a PPP loan,” said Wagner. “Nevertheless, I was willing to explore this opportunity with the chance that we would be awarded additional funds to support our ministry.”
After speaking with American Incentive Advisors (AIA) representative Mike Simpson, Wagner researched AIA and received positive feedback from board members, previous clients, and the Better Business Bureau. Within two weeks of submitting her company’s information to AIA, Wagner learned that Metropolitan Ministries qualified for over $2 million in additional ERC credits.
That’s not an unusual story for AIA at all. In fact, they have filed over 3,000 ERC claims since the program first launched, accessing $1.5 billion in ERC refunds for their clients.
However, the window for filing is quickly coming to a close.
“The ERC tax credits are a once in a lifetime opportunity,” said Mike Simpson. “With 2020 eligibility running out in 2024 and 2021 eligibility running out in 2025, the urgency to file your claim is real.”
Why Clients May Hesitate to Claim ERC Credits
Like Stacy Wagner, many of the companies Mike speaks with are initially hesitant. There are three reasons this is often the case:
- They have never heard of the ERC program
Some companies are unaware that the program is available to them. In these cases, it’s important to understand that the ERC credit is not a loan that must be paid back, and there is no cost to exploring your eligibility. AIA only gets paid if your claim is successful. - They have been told by a CPA or advisor that they don’t qualify.
The process of successfully filing for the ERC tax credit is complex, and qualifications have changed since the program first became available. Not all financial advisors have expertise in the new laws and tax codes related to filing. If you are unsure, AIA can run a free ERC audit report on your 2019, 2020, and 2021 tax documents to determine eligibility. - They applied for the ERC already.
Many of AIA’s clients have already applied for the ERC credit early on, but they may have left money on the table with the new changes to the program. If that’s you, AIA can assist you in claiming additional credits and filing your amended tax documents.
Client Stories: How AIA Has Helped Real Companies Claim Millions
AIA assists a broad spectrum of clients with the complex ERC filing process, including business owners, independent schools, and non-profits. Each client’s circumstances are unique, and the qualification process may look different depending on how they were impacted during the pandemic. AIA works on behalf of these clients to assess eligibility, prepare documents, and file your claim.
Here are just a few of their recent client success stories.
William Monroe Rowlett Academy for Arts and Communication
Rowlett Academies CPA D. Edward Daugherty was initially skeptical about whether the school would qualify. After speaking with Mike Simpson, Daugherty gathered the necessary information and submitted it to AIA for analysis. Within a couple of weeks, Rowlett Academies received a report that showed they qualified for a credit of $1.6 million.
ERC Credits Claimed: $1.6 million
Admiral Farragut Academy, Inc.
Admiral Farragut Academy initially applied for ERC credits through their payroll company and received 1 quarter of the possible 6. AIA reviewed their information and learned that they qualified for an additional 3 quarters, resulting in $1.6 million in credits, even after receiving two forgiven PPP loans totaling 2.4 million.
ERC Credits Claimed: $1.6 million
Metropolitan Ministries, Inc.
Metropolitan Ministries thought they wouldn’t qualify for the ERC credit because they had received a PPP loan. Mike Simpson worked with them to assess eligibility, and helped them claim an additional $2 million in credits spreading over 2 quarters.
ERC Credits Claimed: $2 million
How to Claim Your ERC Credits
You can still claim ERC credits for 2020 and 2021, but the window of opportunity is closing. The deadlines for filing amended returns are:
- Filing for Q2, Q3, and Q4 of 2020: April 15, 2024
- Filing for all 2021 quarters: April 15, 2025
AIA performs complex ERC tax credit analysis on your behalf, helping you determine eligibility and claim the full extent of funds available to you. AIA will also amend your tax documents, file your claim, and respond to any IRS inquiry on your behalf.
Schedule a call with Mike Simpson at AIA today to get your free ERC Eligibility Report!
