ERC Specialists

So, you've heard about the Employee Retention Credit (ERC) – that nifty tax credit here to give businesses a helping hand during tough times like the pandemic. We've got your back if you're a business owner wondering if you're eligible for this credit. Here's a simple ERC credit of the steps to check if you qualify. Step 1: Get the Basics Right  First, let's ensure you're in the right ballpark. Here are the key points to keep in mind: Who Can Apply: This credit isn't picky – it's up for grabs for both for-profit and nonprofit employers, including those tax-exempt organizations. Being in Business: Your business should have been up and running during the year you claim credit. If you started in 2020 or 2021, that's cool too. Money Talk: There's got to be a dip in your revenue. For 2020, your revenue should have dropped by at least 50% compared to the exact quarter in 2019. In 2021, the bar is set at 20%. Government Steps In: If your busine

The Employee Retention Credit (ERC) is a tax credit refundable for companies that continue to pay their employees. Likewise, a company closed due to the COVID-19 pandemic or saw severe losses in gross receipts from March 13, 2020, to the following year, December 31, 2021, can also claim this credit. The ERC is equivalent to 50% of each employee's qualified wages paid throughout the eligibility period. The ERC tax service is a tax credit against various payroll taxes for the fiscal year 2020. Paid sick days or family leaves covered under the Families First Coronavirus Response Act and reimbursed by the employer will not be included in compensation. Eligibility Criteria To qualify for the ERC, your business must meet one of two criteria: The business had to partially or fully suspend its operations due to COVID-19 or government orders during any quarter in 2020 or 2021. The company's gross receipts dropped significantly during any quarter in 2020 or 2021. Claiming the ERC Qualif

It can be challenging for any business to figure out ERC qualifications independently. However, they must understand the criteria that they must meet to receive Employee Retention Credit and assess the wages that qualify for it.  According to the IRS, the qualified wages will be those that an employer will pay its employees as compensation. It can also include healthcare coverage paid by the employer to its employees.  Double dipping, sometimes called tax provision, will not qualify for ERC requirements. Additionally, qualified group insurance premiums and other qualifying production activity payments will be a part of qualified wages.  The qualified wages for ERC in 2023 The wages paid to employees by employers qualified for the tax cut will be qualifying wages. The amounts you pay as Contributions to employee healthcare programs will be a part of qualified wages.  The amount of ERC credit available to a business depends entirely on how many full-time employees it has. Large business