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ERC Today
Find out more info on ERC below:
On March 11th, President Biden signed the American Rescue Plan Act of 2021 stimulus bill into law, which includes another six-month extension of the CARES Act Employee Retention Credit (ERC). This exciting news enables you to take advantage of more credits.
The legislation expanded the ERC, a refundable payroll tax credit, to include wages for eligible employers from July 1, 2021 to December 31, 2021. In December 2020, the 2nd relief stimulus extended the ERC to June 30, 2021 and expanded the credit to $7,000 per employee per quarter in 2021.
It’s important to understand that the new extension allows you (the employer) to receive up to $14,000 in additional credits per employee, or up to $33,000 in refundable tax credits per employee. The following is an overview of this opportunity.
- Up to $5,000 per employee per year in 2020
- (50% of wages up to $10,000)
- Up to $7,000 per employee per quarter in 2021
- (70% of wages up to $10,000)
The Employee Retention Credit will be claimed against the employer’s portion of employment taxes (including Social Security and Railroad Retirement). If your ERC exceeds the amount due, it is then viewed as an overpayment and is refundable.
Industries We've Successfully Helped Get Employee Retention Tax Credits For
HOW WILL THE PROCESS WORK?
Once you've applied with us, the next steps are...
01.
Data Gathering
Use our secure portal to upload your 941 returns, PPP loan documents, and raw payroll data.
02.
Credit Calculation
We will use our expertise to calculate the exact value of the credit you can receive from the IRS.
03.
Amending Returns
We will prepare and help file the 941-X Amended payroll returns.
04.
Get Paid
On Behalf Of
