Corvee, a software and solutions company which serves tax and accounting firms, today announces the company has added employee retention tax credit (ERTC) calculations to its Tax Planning software as updated in the recent COVID-19 relief bill passed in late 2020.
These ERTC calculations cover the section 206 for 2020 with a 28-step calculation and section 207 for 2021 with a 12-step calculation. Complex calculations on this newly released legislation can now be run across dozens of clients in a matter of minutes, allowing firms to determine which clients qualify and reach out for a tax planning engagement. With a click of a button, these strategies can be added to a tax planning proposal and deliverable alongside dozens of others with descriptions, transparent calculations, and IRS references to share with clients.
Corvee is focused on helping tax and accounting professionals grow, build and optimize their firms. With this latest addition to its Tax Planning software, tax professionals are able to do a complex tax savings calculation to help clients save money and be the trusted advisor they need.
“Because this is a complex, multi-step process, many payroll and tax companies haven’t offered it in the past,” states Bob Bennett, VP of tax and legislation at Corvee. “However, with the newest legislation and the extension of the credit, we wanted to make this as simple as possible for tax professionals by adding the functionality to do these calculations directly in our Tax Planning software. Now, tax professionals can run calculations across multiple clients at the same time in just a few minutes to see how much they can save their clients. The best part – they can do this during the tax season to see how much can be saved.”
In addition to tax planning software, Corvee offers growth and development programs that help firms transition from compliance to advisory services.