Founded and managed by a team of attorneys and licensed CPAs, Cloverfield Advisors has built a reputation for assisting businesses in securing incentives, grants, and tax credits at local, state, and federal levels, which is pivotal for business growth and protection especially in challenging times such as the COVID-19 pandemic.
Their in-depth understanding and adept navigation of complex regulatory frameworks make them a crucial partner for business owners seeking financial alleviation through channels like the Employee Retention Credit (ERC), SBA loans, and other financial incentives.
Restaurants, private schools, retailers, healthcare providers and hundreds of other industries are the most common recipients under the Employee Retention Tax Credit (ERTC).
But any business can qualify based on the tests that our team is trained to research, analyze and help see if you qualify.
We cannot help everyone, and often after our analysis we let companies know we do not see them qualifying.
We charge nothing to do this analysis – let’s see if we can help you!
Numerous businesses have been erroneously informed that they don’t qualify for the Employee Retention Tax Credit (ERTC) due to a lack of comprehensive understanding from their accountants, bookkeepers, or other advising entities. Often, these advisors may only consider the revenue test, overlooking other critical qualifying parameters.
At Cloverfield Advisors, we adopt a holistic approach, meticulously analyzing every relevant test and diving deep into the unique operational landscapes of each business to ascertain their rightful qualifications.
Many “pandemic relief companies” that have spring up – adopting a rubber-stamping approach to collect fees from any company they can find . This fraudulent activity has led to widespread confusion, prosecution and even a national pause of the program by the IRS.
In contrast, our rigorous analysis ensures a precise evaluation. The diligent scrutiny we apply to evaluate eligibility not only unravels the financial relief avenues available to businesses but also instills a sense of assurance among our clientele.
Companies that meet the ERTC qualifications can rest easy knowing their claims are substantiated and compliant, thereby avoiding any unwarranted complications.
The integrity of our assessment process also deters fraudulent claims, upholding the credibility and the intended purpose of the relief program. With Cloverfield Advisors, businesses find a reliable partner committed to navigating the complexities of pandemic relief incentives with utmost accuracy and professionalism.
In recent times, the Internal Revenue Service (IRS) has intensified its efforts to curb fraud associated with the Employee Retention Tax Credit (ERTC), responding to a surge in fraudulent claims amidst the pandemic.
Unscrupulous entities have been exploiting the relief program through false representations and identity theft, undermining the integrity of a system designed to aid businesses weathering the economic downturn.
Companies that follow the rules and regulations do not need to fear filing for the ERTC credit.
The IRS crackdown is on companies and individuals commiting fraud.
The IRS’s crackdown involves a meticulous review of claims, employing sophisticated data analytics to identify inconsistencies and potential red flags. This proactive stance aims to ensure that the assistance reaches its intended recipients while fostering accountability and compliance among the beneficiaries.
The detection and prosecution of identity theft and fraudulent claims are paramount to maintaining public trust in the ERTC program. By establishing stringent verification procedures and collaborating with other governmental agencies, the IRS is striving to create a robust defense against fraudulent activities. The repercussions for fraud are severe, with individuals and entities facing substantial fines and potential imprisonment if found guilty of manipulating the system. This stern approach reflects the government’s commitment to preserving the ERTC’s objectives and ensuring that the much-needed financial relief is channeled accurately to support businesses in distress.
Moreover, the IRS’s initiative to combat fraud underscores the critical importance of accurate and honest reporting by businesses when claiming the ERTC. It serves as a reminder for companies to exercise due diligence and seek professional guidance when navigating the intricate eligibility criteria and application process for the ERTC. The crackdown on fraud not only protects the integrity of the tax system but also reinforces the rightful distribution of funds, ensuring that the support intended for economic recovery is not misappropriated. Through these stringent measures, the IRS is playing a pivotal role in upholding the sanctity and effectiveness of the ERTC program amidst challenging times.
Companies can theoretically receive up to $26,000 per employee, but this would be rare.
Calculations are based on wages paid to employees, adjusted by other incentives that helped cover payroll during the pandemic (such as forgiven PPP loans and other grants).
EIDL loans do not impact the amount you can receive, but EIDL grants can.
Yes, this helps reimburse you for wages and health benefits paid to W-2 employees.
It excludes 1099 workers, international workers and the owners of over 50% of the business, as well as the immediate family of the business owners.
Typically it takes us 2-4 weeks to process all documentation once all information is received. It then takes the IRS 4-6 months to process your claim.
Claims for 2020 must be filed before April 15, 2024. Claims for 2021 must be filed before April 15, 2025.
Do NOT wait for the deadlines – file as soon as possible. If the IRS loses your submission, if your files are incomplete, etc., you will run into issues. Start the process today.
We are a company established in 2018 focused on government tax credits and incentives.
Our leadership has been helping companies secure tax credits since the late 2000’s, including federal and state level programs.
Every case is different. It is based on the number of employees, wages paid, calendar quarters that had qualifying criteria (either a significant revenue drop or other qualification), PPP funds received and forgiven, other grants received and more.
We will calculate to the penny and seek that amount plus interest.
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Disclaimer: This website is intended for informational purposes only and nothing on this website should be construed as legal, tax or financial advice. Every business and business owner is different, has its own circumstances, and information applicable to one business may not apply to yours. Contact our professionals to discuss your unique situation so we can advise you with information relevant to you and your situation.