The employee retention tax credit (ERTC) is a tax credit that eligible employers can claim on their federal tax returns to offset a portion of the wages they pay to their employees. The credit is designed to encourage employers to keep their employees on their payroll during economic downturns, such as the COVID-19 pandemic.
The specifics of the ERTC program vary depending on the legislation in place, but generally, eligible employers can claim a credit of up to 50% of the qualified wages they pay to their employees, up to a certain limit per employee per quarter. Qualified wages include those paid to an employee who is not providing services due to circumstances related to COVID-19, such as a reduction in business hours or a temporary shutdown.
To claim the credit, employers must complete and file the appropriate forms with the Internal Revenue Service (IRS) and provide documentation of their eligibility and the wages they paid to their employees. It is important to consult a tax professional or the IRS for specific details on how to claim the ERTC, as the eligibility criteria and the amount of the credit available may change depending on the legislation in place.
Our company is currently working with a CPA firm and Tax Attorneys to get our clients the returns they deserve. To find out if your business qualifies for the ERTC go to our website: www.topbizerc.com or click the link in the menu above.
The specifics of the ERTC program vary depending on the legislation in place, but generally, eligible employers can claim a credit of up to 50% of the qualified wages they pay to their employees, up to a certain limit per employee per quarter. Qualified wages include those paid to an employee who is not providing services due to circumstances related to COVID-19, such as a reduction in business hours or a temporary shutdown.
To claim the credit, employers must complete and file the appropriate forms with the Internal Revenue Service (IRS) and provide documentation of their eligibility and the wages they paid to their employees. It is important to consult a tax professional or the IRS for specific details on how to claim the ERTC, as the eligibility criteria and the amount of the credit available may change depending on the legislation in place.
Our company is currently working with a CPA firm and Tax Attorneys to get our clients the returns they deserve. To find out if your business qualifies for the ERTC go to our website: www.topbizerc.com or click the link in the menu above.
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