Learn how to apply for and receive the ERTC quickly. Below is an overview explaination of how the program works. It may look difficult to understand, but that is where we come in.
Just answer a few qualifying questions on our website and we can help guide you through the process quickly and effectively.
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The Employee Retention Tax Credit (ERTC) is a tax credit created by the U.S. government to encourage businesses to retain their employees during times of economic hardship, such as the COVID-19 pandemic. The ERTC was initially introduced under the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020, and has since been expanded and extended several times.
Under the ERTC, eligible employers can claim a tax credit for a percentage of the wages paid to their employees, up to a maximum amount per employee per quarter. The credit is equal to 70% of qualified wages paid from January 1, 2021 to June 30, 2021, and 60% of qualified wages paid from July 1, 2021 to December 31, 2021.
To be eligible for the ERTC, businesses must have experienced either a full or partial suspension of operations due to government orders related to COVID-19, or a significant decline in gross receipts compared to the same quarter in the prior year. The credit is available to businesses of all sizes, including tax-exempt organizations.
The maximum credit amount per employee per quarter is $7,000 for wages paid from January 1, 2021 to June 30, 2021, and $7,000 for wages paid from July 1, 2021 to December 31, 2021. This means that the maximum credit amount per employee for 2021 is $14,000.
It’s worth noting that businesses can’t claim the ERTC for wages that were paid with funds from a Paycheck Protection Program (PPP) loan that was forgiven.
The ERTC is claimed on the employer’s federal employment tax return, either quarterly or annually. Employers can also request an advance payment of the credit by filing Form 7200, Advance Payment of Employer Credits Due to COVID-19.
Learn more about how your business can receive the ERTC money that is sitting there for your business to help compensate you for keeping your employees working during the tough times the COVID-19 Pandemic caused for you, our country and the entire world.
