What is Employee Retention
Tax Credit (ERC)?
Employee Retention Tax Credit is a government stimulus program designed to reward for-profit and nonprofit businesses that retained employees during the pandemic. Because of the complex tax code and qualifications, many businesses are unaware that they qualify or have been mistakenly told they don’t qualify by those who simply do not know the requirements.
- Refund Max: up to $26,000 per full-time W2 employee (< 500)
- Timeframe Covered:
- 2020 - $5000
- Q1-Q3 2021 - $7,000 per Quarter
- Qualifications: Any trade or business carrying on during 2020 that experienced:
- Full or Partial Suspension of Business Operations as required by a government authority, including limiting commerce, travel, or group meetings due to COVID-19
OR- A Significant Reduction in Gross Receipts when compared to the same quarter in 2019
The team at JCA Specialist takes a professional approach to:
* Keep your business compliant with program rules and regulations
* Accurately calculate your ERC credits.
* Validate and document ERC eligibility.
* Reconcile attribution between the PPP and ERC payroll wages.
* Provide audit-ready documentation.
Even if you received PPP loans, you may still be eligible.
Unlike the PPP program:
* This is NOT a loan.
* This is a refund on wages paid.
This refund is a direct check to you and claimed by amending payroll tax returns.
There are NO restrictions on the use of this taxable refund.
JCA Specialist will only qualify those for an ERC refund who are eligible as defined by IRS guidelines.
For additional information regarding eligibility, visit the IRS website. Click Here
Get the latest ERC program updates from the IRS. Click Here