You haven’t heard about the ERC? The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000.
Information courtesy of IRS.gov
Who is an eligible employer?
Eligible Employers for the purposes of the Employee Retention Credit are employers that carry on a trade or business during calendar year 2020, including tax-exempt organizations, that either:
- Fully or partially suspend operation during any calendar quarter in 2020 due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings (for commercial, social, religious, or other purposes) due to COVID-19; or
- Experience a significant decline in gross receipts during the calendar quarter.
Still not sure? That’s alright, you’re not alone. The bottom line is that you should be aware of benefits that you can receive for your business. It’s worth having the conversation and our representatives are ready to discuss whether this is something you can receive for your business.
Give us a call to determine your eligibility: 1-888-294-2584
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Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584
