How can Employee Retention Tax Credit benefit your business?
What is the ERTC?
The Employee Retention Tax Credit is a program set up under the Cares Act in response to the Pandemic. The credit is a reward to businesses that stayed open during the pandemic and kept our economy going. The credit repays a portion of the wages paid by employers financially impacted by the Pandemic. The IRS will send your business a check for the amount you qualify to receive. You will not have to pay this back.
What you need to know NOW:
Eligible businesses can now access ERTC for both 2020 and 2021 for eligible employee wages as long as these specific payroll wages and/or group benefits were not directly paid with Paycheck Protection Program (PPP) loan funds.
Businesses can now receive up to $26,000 per eligible employee in ERTC across 2020 (up to $5,000) and 2021 ($7,000 in both the 1st and 2nd calendar quarter).
Employers of 100 or fewer full-time employees can access ERTC for on-premises, working employees in 2020.
Employers of 500 or fewer full-time employees can access ERTC for on-premises, working employees in 2021.
The employer status is calculated by counting the average number of full-time employees employed during 2019.
Eligible Circumstances:
1. Operations either fully or partially suspended due to orders from a governmental authority
due to COVID-19, OR;
2. The business experienced a significant decline in gross receipts when comparing either the
calendar quarter or the prior quarter to the corresponding quarter in 2019.
How to file an ERTC claim and get your refund money fast
1. Operations either fully or partially suspended due to orders from a governmental authority
due to COVID-19, OR;
2. The business experienced a significant decline in gross receipts when comparing either the
calendar quarter or the prior quarter to the corresponding quarter in 2019.
More FAQs? Check out our blog here.
At The Jones Law Firm, our team is ready to help you quickly conduct an in-depth analysis to fully understand the Employee Retention Tax Credit (ERC) funds you might qualify for. We can guide and help you investigate your claim of eligibility, determine your potential tax credit, and then file the claim for your refundable ERC tax credit.
If you’re unsure that you’ve claimed eligible funds or that your accountant conducted the filing correctly, then don’t hesitate to reach out. You could be leaving hundreds of thousands on the table, literally.
Take 1-minute to fill out this short Employee Retention Credit survey:
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