FREE Covid Employee Retention Tax Credit
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A tax credit of up to $26,000 per employee for businesses that kept employees on payroll during the pandemic
As a small to medium-sized business, it’s likely that you were negatively impacted by COVID-19, and you certainly weren’t alone.
Due to financial suffering across the country, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help get businesses back on their feet — with a special section called the Employee Retention Credit (ERC), specifically added to help businesses like yours.
What is the ERC?
The Employee Retention Credit (ERC) was developed to encourage and support employers who retained existing employees throughout 2020 and for the first three quarters of 2021 by offering a generous payroll tax refund through the IRS.Eligible businesses could receive a refund of up to $5,000 per employee for all of 2020 and up to $7,000 per employee kept on the payroll for each quarter for Q1 through Q3 of 2021. That’s a total refund of up to $26,000 per employee kept on your payroll.
The IRS anticipates 70-80% of businesses are good candidates for taking the Employee Retention Credit.
Forbes Magazine
It’s surprising to me of how unaware businesses are that these credits and refunds exist.
Paul Dolnier
IRS Revenue Officer
Is my business eligible for the ERC?
Most small and medium-sized businesses qualify. Many business owners are disqualifying themselves based on outdated information, sometimes from their own CPA.
The ERC is related to your payroll, not your business income tax returns, which is what most CPAs handle. Meaning, this credit has mostly fallen into an area where few CPAs are able to effectively process it.
Additionally, ERC qualifications and limitations have been amended by Congress many times since the initial rollout of the Employee Retention Credit. With over 200 pages of complex ERC tax code, it’s no wonder that not every CPA fully understands the program. We recommend working with an ERC specialist that can provide you with updated information and help you get the full refund amounts that you deserve.
Even if your business and your tax advisor looked into ERC before, we urge you to review it again.
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