What are Employee Retention Tax Credits apply for employee retention tax credit

Spread the love

What are Employee Retention Tax Credits &applying for employee retention tax credit

The ERTC was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and provides a credit equal to 50 percent of qualified wages and health plan expenses paid after March 12, 2020, and before Jan. 1, 2021. A per-employee $10,000 maximum of qualified 2021 wages (Q1, Q2, Q3). That is a potential of up to $21,000 per employee!

The 2020 ERC Program is a refundable tax credit of 50% of up to $10,000 in wages paid per employee from 3/12/20-12/31/20 by an eligible employer. That is a potential of up to $5,000 per employee.

In 2021 the ERC increased to 70% of up to $10,000 in wages paid per employee per quarter for Q1, Q2, and Q3. That is a potential of up to $21,000 per employee. Startups are eligible for up to $33,000.

While the ERTC was created in the CARES act along with the PPP Loans – this is not a loan, there is no repayment. There are no restrictions on what recipients of the credit must use the funds.

By answering a few, simple, non-invasive questions our team like the ERTC experts can determine if the company is likely to qualify for a no-strings-attached tax credit. There is no cost or obligation to be pre-qualified.

These are examples of businesses and potential payments

Business Consulting Firm in Newport Beach, California, 19 W-2 Employees; $44,960 Credit

Presentation Design Agency in Nashville, TN, 19 W-2 Employees; $162,979 Credit

Restaurant Ownership Group in Florida, 224 W-2 Employees; $1,120,000 Credit

Restaurant in Houston, Texas, 80 W-2 Employees; $400,000 Credit

Montessori School in Addison, Illinois, 35 W-2 Employees; $175,000 Credit.

Here are the steps a company needs to take with respect to a claim

1) Complete the Questionnaire

Start with the 10 simple questions on this site to begin your claim. A business would complete an application questionnaire to be completed online.

2) Upload Data

Business Information Upload your 941 returns, PPP loan documents, and raw payroll data to a secure portal.

3) Credit Calculation By CPA

A CPA would calculate the credit available to the company from the IRS.

4) CPA Application Package

CPA will prepare and help file the company 941-X Amended payroll returns.

5) Companies Get Paid By The IRS

The IRS will process the company credit and mail a checkout.

Section 1-4 can be completed within two weeks, this is subject to how quickly the CPA received the company information, the actual payment will be between 4-8 months this is estimated, and there are alternatives to get paid sooner.

ERTC Business Payments
ERTC Business Payments
http://www.ertc-businesspayments.com

2A Hind Street

Ottery St Mary
United Kingdom

comtex tracking

COMTEX_407851984/2764/2022-05-27T15:30:45

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Fortune Thinker journalist was involved in the writing and production of this article.

Share This Post: