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 Covid-19 outbreak has greatly affected businesses across the country. Despite the government's ongoing efforts to provide relief programs, many businesses fail to take advantage of these opportunities. Among multiple relief programs, ERC Credit is the major one and has been helping businesses of all sizes stabilize their operations again. Therefore, to keep you updated on ERC benefits, we will introduce you to the latest updates on the ERC program. Let's get started now! Expansion of Eligibility The ERC has undergone significant changes to expand eligibility criteria, allowing more businesses to benefit from the credit. Previously, businesses that received Paycheck Protection Program (PPP) loans were ineligible for ERC credit. However, recent legislation has removed this restriction, enabling businesses to claim the ERC benefits and PPP loan forgiveness, providing much-needed relief to struggling employers. Increased Credit Amounts The ERC has seen a boost in the maximum

Organizations need to retain talented employees to succeed and grow in the current business landscape. Employee Retention Credit (ERC) is a valuable resource the U.S. government provides to help businesses keep their workforce intact during challenging times. In today's post, we will dive into the details of ERC and its benefits and provide insights into how businesses can leverage this credit to their advantage with the help of ERC experts . Understanding Employee Retention Credit (ERC) Presented as part of the CARES Act in March 2020, the Employee Retention Credit is a tax credit that provides financial assistance to businesses negatively impacted by the COVID-19 pandemic. Its goal is to motivate employers to keep their employees on the payroll, even during times of economic uncertainty. Benefits of ERC Financial relief during uncertain times: ERC provides eligible employers a refundable tax credit of up to $7,000 per employee per quarter. This credit can be used to offset payro

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

The past few years have seen challenging times for small businesses due to the emergence of Covid19 pandemic. Several companies were impacted by these times severely, and many were forced to shut down as they could no longer afford their employees' payroll and other operational expenses. Thus the government introduced the Employee Retention Credit scheme as a relief program to help small-scale businesses sustain their operations. Several companies in the USA have already enjoyed the ERC benefits , and many are still working on claiming this credit from the government to get back on their feet. Many questions arise as businesses are still eligible to apply for this ERC credit in the year 2023. Today, here we will try to answer most of the fundamental Frequently Asked Questions that will help you easily claim ERC credit. Read on to learn more about it. What exactly is the Employee Retention Credit (ERC) program? The Government established the Employee Retention Credit as a Coronaviru

Employers who suffered a large drop in revenue or were forced to drastically scale back or cease operations as a result of government COVID-19 orders may be eligible for the Employee Retention Credit (ERC), a Payroll Tax Relief . If you're planning on taking out a PPP loan in 2023 instead of applying for ERC, or if you haven't taken advantage of any federal COVID-19 relief programmes, you may be passing on "free money."    Consistent operation and growth of the ERC beyond 2021 merits careful thought. If you put in the time to investigate and organize, your organization could be eligible to receive hundreds of thousands of dollars in payroll support. (For instance, if you have 10 workers and can take advantage of the maximum credit on ERC-qualified earnings earned in 2020 and the first half of 2021, you might be able to get a payroll tax refund of $190,000.)   Program Updates That Can Help You Save Money Employees can receive payroll tax credits of up to $33,000 each

Small companies are critical to the American economy. In general, 99.9% of all enterprises in the United States classify as small businesses, including startups, which employ over half of the workforce. As a result, small enterprises constitute the backbone and lifeblood of the American economy. However, small businesses have been among the most damaged by the pandemic. As a result, the government must take the appropriate steps to preserve the earning segment of its workforce. As a consequence, on March 27, 2020, the US government signed the CARES act. ERC is a business relief program or payroll funding for small businesses under the CARES Act ( Employee Retention Credit). The ERC's primary goal is to assist small firms in retaining permanent personnel. So that they may continue to operate their businesses, before we get into the ERC benefits , let's define the ERC. What Exactly Is ERC? ERC is a refundable tax credit against specific employment taxes, such as Social Security a