In 2019, there were over 2 million small businesses in New York, with companies that have less than 100 employees making up 98% of the state’s economy. Most of those small businesses are now eligible for tax rebates through the Employee Retention Tax Credit (ERTC) program and can claim their rebates with only a 15-minute time commitment, using a new application launched by Ampifire.
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The new application process is called the 15 Minute Refund program, and it is only available from a single firm of ERTC specialist CPAs, which has partnered with Ampifire. The program is open to any small or medium-sized business, non-profit organization, or startup.
To qualify, a business must have fewer than 500 full-time employees on average and have suffered losses during the pandemic. Losses can be shown either through a significant decline in revenue compared to the same fiscal quarter of the previous year, or through time spent closed due to a government order, such as a lockdown.
Some businesses may also be eligible if they remained open but had to operate at a reduced capacity. This can include requirements to limit the total number of customers at any one time, or having to close certain portions of the business, such as a restaurant that closed its patio or had to offer takeout only.
Eligible businesses can claim up to $26,000 per W-2 employee in rebates, and the 15 Minute Refund program guarantees the maximum rebate for each client. The program also includes audit-proof documentation with each claim, prepared by the team of ERTC specialist CPAs.
Companies that have already enrolled in the Paycheck Protection Program (PPP) and received a loan can also claim tax credits after amendments were made to the program with the passing of the Consolidated Appropriations Act. Unlike the loans offered by the PPP, ERTC rebates are one-time tax credits that do not need to be repaid and have no restrictions on how employers can spend them.
To begin a claim, employers can use a no-cost, no-obligation assessment tool, available on the Ampifire website. With 10 simple questions, it will determine if a company is eligible, and provide them with a link to a secure server where they can get help from ERTC specialist CPAs to complete their claim.
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