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What is the ERTC, Employee Retention Tax Credit?

ERC Recovery Now Testimonial - Debbie

What is the ERTC, Employee Retention Tax Credit?

ERC Recovery Now Testimonial - Debbie

What is the Employee Retention Tax Credit?

The ERTC is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees.

Your eligibility as an employer is based on gross receipts of less than 80% in 2021 (versus less than 50%) in 2020 compared to the same quarter in 2019. This means if your gross receipts decline more than 20% in 2021, or by more than 50% in 2020 then you are eligible to take the credit.

Fill out the form to pre-qualify TODAY and we can get started!

How to Qualify for the ERTC:

Employers, including tax-exempt organizations, are eligible for the credit if they operate a trade or business during calendar year 2020 and experience either:

  1. The full or partial suspension of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel or group meetings due to COVID-19, or
  2. A significant decline in gross receipts.

A significant decline in gross receipts begins:

  • On the first day of the first calendar quarter of 2020
  • For which an employer’s gross receipts are less than 50% of its gross receipts
  • or the same calendar quarter in 2019.

The significant decline in gross receipts ends:

  • On the first day of the first calendar quarter following the calendar quarter
  • In Which gross receipts are more than of 80% of its gross receipts
  • For the same calendar quarter in 2019.

The credit applies to qualified wages (including certain health plan expenses) paid during this period or any calendar quarter in which operations were suspended.

(From IRS.gov)

* Note: taking this credit can impact your annual tax return.

 

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ERC Recovery Now is brought to you by My Franchise CPAs. We are a full service CPA firm and can assist you with tax planning. 

 
 
 

ERTC IS FREE MONEY!
FOR REAL.

This is NOT a loan, ERTC is a refundable credit that you are NOT REQUIRED to pay back.

Here's How:

1- We help you determine whether your business qualifies for the ERC Program.

2- We analyze your claim and compute the maximum amount you can receive.

3- Our team guides you through the claiming process, from beginning to end, including proper documentation.

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Employee Retention Credit FAQ

Thse are the most frequently asked questions about the Employee Retention Tax Credit.
1What is the ERTC?
The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000. (From IRS.gov)
2How do I qualify for the 2021 ERTC credit?
Businesses who paid under 500 employees (full time equivalents) in 2019 AND If during COVID the company had partial or total business closure due to federal, state or local COVID order OR more than 20% reduced gross revenue as compared to the same quarter in 2019. (NOTE: You do compare 2021 revenue to 2019 revenue still. Think of it as comparing pre-covid numbers to during-covid numbers.)
3Can I qualify for the retroactive 2020 credit?
Yes, businesses who paid under 100 employees (full time equivalents) in 2019 AND If during COVID the company had partial or total business closure due to federal, state or local COVID order OR more than 50% reduced gross revenue as compared to the same quarter in 2019. Businesses then remain eligible until the end of the first quarter where their revenues go back up over 80% compared to the same quarter in 2019. (NOTE: New businesses who do not have 2019 revenue can compare to prior quarters.)
4How Much ERC Could a Business Receive?
If a business qualifies as a Recovery Startup Business, it is eligible to receive up to $7,000 per employee, per quarter, with a maximum credit of $50,000 per quarter, for the last two quarters of 2021.
5Can I take advantage of the ERTC if I took both rounds of PPP?
Yes, but you will need to subtract the PPP funds that were used for wages for the same time frame you are calculating your ERTC. Payroll Vault can help with these complicated calculations to make sure you can maximize your credits while staying in compliance with your PPP loan forgiveness.
 
 

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