FAQ’s
FREQUENTLY ASKED QUESTIONS (FAQ's)
There are over 70,000 pages of tax code; it’s impossible to be an expert on all of them. SETC is all we do. It’s like the difference between your family doctor and a neurologist. By concentrating on this one program, our strategic partners understand the intricacies and nuances involved in determining your eligibility and accurately calculating your refunds.
Refer your friends to us and you can earn even more money for every successfully qualified application.
To check the status of your refund, you can call the IRS directly at (877) 777-4778. You can also always reach out to your Customer Service Champion for any updates throughout your refund process.
Due to the The Self-Employed Tax Credit, the IRS is currently working through a backlog of amended Form 941 filings. This means you could experience an extended wait time before you receive your refunds.
Our customers have recovered over $3 billion dollars in refunds for qualified businesses—sometimes for companies that were previously told they did not qualify. It won’t cost you a penny to see how much your company may recover.
Determining the proper amount of a refund is a complex accounting process. Although these are payroll tax credits, what you’ve paid in payroll tax has no bearing on your SETC calculations. The refunds are based on many factors including qualifying quarters, number of employees, hours worked, wages paid and if applicable, PPP loans, group health premiums and participation in other government programs to name a few.
Multiple factors can affect the amount of time it takes to start receiving your business's refund and checks are issued for each qualifying quarter. Typically, our clients receive their first check in 4-7 months following the submission of a claim to the IRS, with subsequent checks coming after that.
There is a small nominal processing fee, which is credited back upon funding. Once engaged in recovering your business’ refunds, our fee is a set agreed upon percentage with no hidden costs. We’re paid only as your business receives its refund check. Our fee is a set agreed upon percentage with no hidden costs. Our fee includes the analysis and preparation of your document submission to the specified CPA per contract. For any reason your file is not approved your processing fees will be fully refundable as per your signed agreement.
Absolutely! Both Essential and Non-essential businesses alike can qualify, and a possible decline in revenue may not be required. Many of our clients even had increases in sales, but still experienced disruptions or were negatively impacted. This program was established under the CARES ACT in 2020. It's a government stimulus program per IRS guidelines and subject to IRS approval. If the taxpayer meets all guidelines the funds are considered a stimulus payment, not a loan.
Unlike PPP, this is not a loan. It's money for your business, and it's up to you how you use it.
Time is of the essence. This program will not last long. Presently the current IRS guidelines state that the deadline to file amended returns for 2020 ends April 15, 2024. Amended returns for year end 2021 the deadline is April 15, 2025.
The IRS expects 70-80% of SMBs are good candidates for taking the SETC. If your business experienced disruptions to commerce, travel, or group meetings due to a government order, it might qualify! This includes supply chain disruptions, price increases, reduced hours, reduction in goods or services offered, were unable to travel, or attend conventions. Talk to one of our Refund Specialists to find out more.
SETC is a refundable payroll tax credit. This program was enacted under the CARES ACT. Its aim is to provide economic relief for small and medium businesses who retained employees during the COVID-19 pandemic. Initially, eligible employers could only take either PPP, or ERC. In 2021, as part of the Consolidated Appropriations Act, Congress amended this provision, allowing businesses to apply for both.
Once your business is approved by our preferred CPA provider and the IRS approves your amended returns they will issue your approved ERC funds from the US Treasury. Per your approved and amended documents prepared by the specified CPA and approved by the IRS, your business will receive the ERC funds. The SETC funds per the guidelines established by the US Treasury does not require a repayment as long as all guidelines are adhered to and have been met.
Great question! This program established under the CARES ACT in 2020 was not heavily marketed but the word is getting out. We are glad you are here, it's our mission to obtain the maximum credit allowed for your business that it's entitled to.