The Employee Retention Credit
Have you looked to see if your business is eligible for the Employee Retention Credit (ERC)? The Employee Retention Credit was authorized under the CARES Act and was not widely used until March 2021, when updated IRS regulations made this type of COVID-19 Relief more accessible by amending the Quarterly Form(s) 941. In short:
The 2020 ERC Program is a refundable tax credit of 50% of up to $10,000 in wages paid per employee from 3/12/20-12/31/20 by an eligible employer. Up to $5,000 per employee. The 2021 ERC Program has increased to 70% of up to $10,000 in wages paid per employee per quarter for the first 3 quarters of 2021. Potentially up to $21,000 per employee. If you have yet to review your company's eligibility, we can help. Send us an email request and we will respond with information to help you determine your next steps. Email email@example.com with the subject "ERC" and we will respond promptly.