The Employee Retention Tax Credit
is available to any company that was negatively impacted by COVID.
Companies of any size or revenue can claim up to $26,000 per employee.
The Employee Retention Credit is available for companies that experienced any of the following:
- – Was negatively impacted by COVID (a reduction in gross receipts of 20% in 2021 or 50% in 2020).
- – Was limited in group meetings, travel, or commerce during COVID (full or partial forced suspension due to a government order).
- – Received PPP funding
As part of the CARES Act of March 2020, the Employee Retention Credit was created to encourage businesses to keep employees on their payroll.
Qualified employers can receive up to $26,000 per employee:
Tax Year 2021
For Tax Year 2021, companies can receive up to 70% of $10,000 in each employee’s qualified gross wages per quarter for Q1-Q3. In other words, an employer could claim up to $7,000 per quarter per employee, or $21,000 per employee for 2021.
Tax Year 2020
For Tax Year 2020, employers can receive up to 50% of $10,000 in each employee’s qualified wages per year, or $5,000 per employee for 2020.
Now is the best time to claim the credit because:
It’s time sensitive. The ERC program expired on September 30th, 2021, but companies can still claim it retroactively back to March 27th, 2020.
Most businesses are currently eligible. Millions of companies were affected by the COVID-19 pandemic. Find out the extent of your qualification today.
We offer a no-risk, high-reward opportunity to qualified businesses. Our expert team of CPAs, lawyers, and tax analysts work for you, and our fees are success-driven—we only earn if you do.