Employee Retention Consulting services

Seeking qualified and experienced bidder(s) for Employee Retention Consulting services – Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) reimbursement processing.

Friendship Public Charter Schools is requesting proposals for Employee Retention Consultant- Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) reimbursement processing. 

Scope of Work and Deliverables –  

1. Initial Assessment:
   • Evaluate the client’s eligibility for the ERC program based on their business structure, financials, and employee data.
   • Determine which eligibility criteria apply, such as revenue decline, government orders, or suspension of business operations.
     

2. Data Gathering and Analysis:
   • Assist the client in collecting and organizing the necessary financial and employee data required for ERC calculations.
   • Analyze payroll records, tax filings, and financial statements to identify eligible wages and qualified employees.
     

3. ERC Calculation:
   • Calculate the maximum ERC amount the client is eligible to claim.
   • Ensure accurate allocation of qualified wages and health plan expenses for ERC purposes.
   • Consider any payroll tax credits already claimed by the client, such as the Paycheck Protection Program (PPP) tax credits, and coordinate with ERC calculations
     

4. Compliance and Documentation:
   • Help the client maintain proper documentation to support ERC claims.
   • Ensure compliance with IRS guidelines and regulations to avoid potential audits or penalties.
   • Prepare and file amended payroll tax forms (e.g., Form 941-X) to claim the ERC
     

5. Claim Submission:
   • Assist in preparing and submitting ERC claims to the IRS, either through amended payroll tax forms or other prescribed methods.
   • Monitor the status of ERC claims and address any issues or inquiries from the IRS.
     

6. Audit Support:
   • Provide support and guidance in the event of an IRS audit related to ERC claims.
   • Ensure that the client is prepared to respond to audit requests with accurate documentation and explanations.
     

7. Ongoing Updates:
   • Stay informed about changes in ERC rules and regulations and communicate these changes to the client.
   • Advise the client on how to maximize their ERC benefits as regulations evolve.
     

8. Fee Structure:
   • Define the consultant’s fee structure, whether it’s based on a flat fee, hourly rate, or a percentage of the ERC amount recovered.
     

9. Client Communication:
   • Maintain open and effective communication with the client to address questions, concerns, and updates related to the ERC program.

It’s important for an ERC consultant to have a strong understanding of tax regulations, payroll processes, and financial analysis. Additionally, they should keep abreast of changing legislation and guidelines to ensure that their clients can take full advantage of the Employee Retention Credit program.