The ERC Claim Process
Note: This is the process used as part of The Hooper Law Firm Total Compliance Package; and it may and probably will differ from the approach taken by other ERC filers.
Step 1 - Initial Consulation
This is your initial interaction with the Firm. We get the basic information about your business and explain to you what documentation and information is needed to determine eligibility and ERC claim amount.
Step 2 - Information Gathering
In this Step, the business owner either 1) grants a limtied power of attorney to the firm so we can retrieve the necessary payroll records; or 2)provides the material itself. The business also provides revenue reports for each quarter for 2019, 2020, and Q1-3 2021 for a "gross receipts" analysis. Finally, the business provides specific information on how the business was impacted by any COVID order for Q2-4, 2020 and Q1-3, 2021.
Attorney Consulation
After the business has provided all the necessary information, the Firm will schedule a consultation with an attorney to go over the information provided, quarter by quarter, to form an opinion as to eligibility and claim amount. You will have all the time you need to ask all the questions you have so you have a thorough understanding as to how the business qualifies and how much ERC it qualifies for and why.
Document Prep
Following your consultation with the attorney, the Firm will prepare the 941X amended returns for each quarter the business qualifies.
Document Consulation
After your documents are prepared, the Firm will schedule a time to review them for accuracy as well as understanding. When you are satisfied, You will execute the documents for submission to the IRS.
Submission and Follow Up
After your documents are sent to the IRS, the Firm will follow up with the IRS and provide you with a status update on a monthly, then weekly basis. The Firm will get a duplicate notice of anything sent to the business, so if there are issues, the Firm will be made aware so it can take any corrective action on your behalf.
Receipt of ERC
The IRS will send the payment for the claim(s) directly to you. It is not uncommon for these to be staggered through a period of weeks. Each time the Firm receives notice of a payment, it will issue an invoice to the business for payment to be made at that time.