The Employee Retention Tax Credit (ERC) is for Business Owners who had their revenue partially or greatly impaired during COVID shutdowns in 2020 and 2021.
Q: What is the Employee Retention Credit (ERC)?
The Employee Retention Credit (ERC) is a CARES ACT incentive that gives special funds to eligible businesses that keep some or most of their employees on payroll.
Q: How much money can I get back from the Employee Retention Credit (ERC)?
The Employee Retention Credit (ERC) provides business owners up to
Example: Employer with 20 employees could get over $600,000+
Q: How do I qualify for the Employee Retention Credit (ERC)?
There are many ways to qualify. Unfortunately, companies that could qualify fail to pursue or maximize the ERC money owed to them. Two of the many ways to qualify are:
Q: Can I become eligible if I got a PPP loan?
Companies that received PPP loans can also be eligible for ERC money. The amount of your PPP loan will be deducted from the amount of your ERC funds if you are eligible.
Q: Do Not-for-profits qualify?
Yes, absolutely!
Q: Will the IRS audit my taxes if I get money with the Employee Retention Credit?
Probably. The IRS may audit every business that files for the Employee Retention Credit (ERC). It is critical you use the expertise of specialists who are familiar with the process to ensure your audit file is bullet-proof. You want to maximize your funds in the smartest, most prudent way.
In summary, the Employee Retention Credit (ERC) is a significant financial relief option for businesses facing challenges during the COVID-19 pandemic. It's a golden opportunity that many eligible SMB owners may not be fully utilizing due to misconceptions or lack of awareness. It's essential to understand your eligibility, maximize your claim, and document thoroughly to guard against any audit complications. If you have been impacted by supply chain disruptions or experienced a reduction in gross receipts, explore this avenue and potentially unlock significant tax credits for your business. Don't leave money on the table—ensure you're maximizing your ERC benefit today.