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What is the Employee Retention Tax Credit (ERTC)?
In 2020 and 2021, Congress authorized the release of funds to help small businesses survive and thrive in the pandemic–this includes the ERTC, which generates up to $26,000 per employee in cash refunds for your business.
Your small business can claim the ERTC, even if you’ve taken part in the Paycheck Protection Program (PPP) or any other COVID-19 relief programs.
Due to the confusion created by multiple tax law changes, many small business owners and their tax advisors have not taken advantage of the ERTC–which is precisely where ERTConlineclaim.com can help.
Access Your ERTC funds in 3 easy steps
Step #1: Fill out the ERTC evaluation form
Our ERTC-expert CPAs will evaluate this private, online application form to determine if you qualify for the refund.
Step #2: Calculate your ERTC refund amount
Just submit the payroll documentation and we will calculate your refund and prepare your amended tax returns.
Step #3: Collect your ERTC funds
The IRS will send you a check directly based on your maximum amount of eligibility to be used for your small business.
Employee Retention Tax Credit FAQs
Who is eligible for the ERTC?
Qualification for the ERTC is determined by one of the following criteria in the calendar quarter the employer wishes to utilize the credit:
- Operations have been fully or partially suspended, or business hours have been reduced due to orders from a governmental authority.
- Suffer a significant decline in quarterly gross revenue as measured against 2019.
- 50% decline for 2020 compared to 2019
- 20% decline for 2021 compared to 2019
- Recovery Startup Business – 3rd and 4th quarter 2021 only.
- Have begun carrying on trade or business after Feb. 15, 2020
- Have annual gross receipts that do not exceed $1 million
- Not be eligible for the ERTC under the other two categories
How is the 2020 ERTC calculated?
- Computed at a rate of 50% of qualified wages paid, up to $10,000 per eligible employee in wages and healthcare, for the year.
- There is a maximum credit of $5,000 per eligible employee, per year.
- For eligible employers with fewer than 100 average full-time employees in 2019, the credit is available for all employees receiving wages in 2020.
How is the 2021 ERTC calculated?
- Computed at a rate of 70% of qualified wages paid, up to $10,000 per eligible employee in wages and healthcare, per quarter.
- A maximum credit of $7,000 per eligible employee, per quarter.
- The maximum credit is $21,000 per employee for the first 3 quarters of the year.
- For eligible employers with fewer than 500 average full-time employees in 2019, the credit is available for all employees receiving wages in 2021.
What are some common misconceptions about the ERTC?
- Revenue is only one factor – many companies qualify for employee retention credit with little to no revenue decline.
- Essential status of the small business has no impact on ERTC, and many essential companies qualify.
- Small businesses that received PPP funds are also eligible for Employee Retention Tax Credit.
- Partial small business shutdowns and disruptions are also eligible for ERTC claims.
What is a potential ERTC qualifier?
- State and local government employers
- Self-employed individuals
Must the ERTC be paid back?
No, the ERTC is a fully-refundable tax credit for employers to keep and never needs to be paid back.
When is the ERTC filing deadline?
A business can claim the ERTC retroactively. The statute for payroll taxes begins to run on April 15 of the year following the calendar year when the calendar quarter ends, and goes for three years. So that would give you until April 15, 2024 for 2020 ERTC claims.
Why Choose Our Team for Your ERTC Refund?
ERTC FOCUS
Our team of professionals focus exclusively on the ERTC process.
MAXIMUM FUNDING
We ensure that you get all of the credits you deserve.
FAST RESULTS
Our streamlined processes mean a lightening fast return.
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