How you can save thousands through the Employee Retention Credit
Looking for some extra cash in your business?
One of our clients was thrilled to receive additional unexpected money from the IRS this month, when they were approved for the Employee Retention Credit (ERC) we pursued for them.
What is the ERC?
The Employee Retention Credit is a refundable tax credit against certain employment taxes for wages paid from March 13, 2020 through September 30, 2021.
The tax credit can reach up to $7,000 per quarter, per employee – so the amount of the credit can be substantial for larger employers who qualify.
Employers that experienced partial shutdowns due to government orders limiting commerce, travel or group meetings; or
Employers who experienced significant declines in quarterly gross receipts (as compared to their quarterly gross receipts in 2019) in any eligible quarter due to the pandemic.
How to get the ERC
Employers applying for the credit must file amended 941s for the affected quarters. ECOM CPA can handle this for you!
Refund checks are currently being received by employers within 3-9 months after filing.