The employee retention tax credit (ERTC) aka ERC is a form of government assistance created under the Coronavirus Aid, Relief and Economic Security (CARES) Act to help businesses and organizations keep employees on their payroll during the pandemic.
In short, the ERC gives eligible employers payroll tax credits for wages and health insurance paid to employees for qualifying periods.
Details of this program include:
Up to $26,000 per employee
Available for 2020 & Q1 – Q3 2021
Qualify with decreased revenue or Covid event
No limit on funding
ERC is a refundable tax credit
Due to the complex tax code and difficulty determining eligibility – many business owners simply have not taken advantage of the ERC program. However, this is a savings opportunity that companies cannot afford to miss and it is not too late to claim your tax credit.
If you have questions about your eligibility or want to bring on a consultant to maximize your ERC funding, call me at 1-800-822-7120. It would be my pleasure to introduce you to a colleague who specializes in understanding and optimizing the benefits of the ERC Program. As part of their service, they will provide a full analysis, calculate your ERC credits, prepare and file all documentation to the IRS and keep your business compliant with the program rules.
If your business has been impacted by the pandemic, there is a good chance you qualify.