Does your company have at least 5 employees but under 500? If so, you may be eligible to receive up to $26,000 per W2 employee with the Employee Retention Credit (ERC), also known as the Employee Retention Tax Credit (ERTC).
What is the ERC?
There’s no question that the COVID pandemic was a terrible time in our history. Businesses around the world suffered immensely from the outbreak of the disease. In the United States, businesses were forced to close their doors, ultimately crippling them and their ability to pay salaries to retain employees. In order to prevent further economic damage, Congress stepped in with a solution to help small businesses to stay afloat and continue to operate as best as possible without having to let employees go.
The ERC is under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which was a $2.2 trillion economic stimulus bill passed by the U.S. Congress and signed into law by President Trump on March 27, 2020. The bill was developed in direct response to the economic fallout for businesses during the COVID pandemic of 2020.
Under the bill, qualifying businesses are eligible to apply for their fair share of funds being dispersed by the Federal Government. The Employee Retention Credit allows businesses to pay qualified wages to employees from March 2020 through 3rd quarter 2021. Although the program has ended, businesses can continue to retroactively claim ERC if they have not done so already.
How to Claim the Tax Credit for Your Business
In order to claim the new Employee Retention Credit, eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns. For most employers, this will be done on Form 941, beginning with the second quarter of 2020.
Of course, dealing with these confusing and complicated tax matters can be a headache that none of us have time for. The good news is that you don’t have to. The Transaction Group can help you determine if your business is eligible and if so, help you get your share of the ERC that many other businesses have already applied for and received.
At the Transaction Group, we are partnered with a reputable accounting firm that is extremely proficient at working with the IRS and properly filing for the Employee Retention Credit (ERC). This firm the has seen many businesses lose out on funds they were eligible for simply due to errors and misunderstanding.
Get Started on Your Business Approval
Our partners are experts in small business accounting and well versed in the (ERC). This firm has already helped over two thousand small businesses navigate the process, with over a 96% success rate of these companies getting approval and receiving funding.
Whether or not you think your business may eligible, it’s worth a try to get your business approved. So many other small businesses have already received funding from the Federal Government’s Employee Retention Credit (ERC) program. and you may be able to as well. Click Here to Get Started or Contact The Transaction Group and we’ll connect you with our account firm partners to go to work for your right away. Call us now at 888-383-8056.