What is the Employee Retention Credit?
Due to IRS changes in the ERC program we have decided to voluntarily pause processing applications until the IRS sets forth new guidelines on how to process applications. We expect this to resume some time in 2024. More information can be found on IRS Website link here.
COVID-19
has been a challenge for all of us. As the world shut down the economy came to a halt, leaving the future of many businesses in a precarious position. As we begin to find normalcy again, businesses now have to focus on recovering and fortunately, several government programs are easing this process.
One such program is the Employee Retention Credit or ERC, which is a generous stimulus program designed to bolster those businesses that were able to retain their employees during this challenging time. Due to the extremely complex tax code and qualifications, it is severely underutilized.
The program includes:
- Up to $26,000 per Employee
- Available for 2020 & Q1 - Q3 2021
- Quality With Decreased Revenue or Covid Event
- No Limit on Funding (ERC IS NOT A LOAN)
- ERC is a Refundable Tax Credit