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The federal government established the Employee Retention Cr..
🕑 Added 2023-04-01 22:36:55 +0000 UTC The federal government established the Employee Retention Credit (ERC) to provide a refundable employment tax credit to help businesses with the cost of keeping staff employedERC credits are calculated based on the qualifying wages paid to employees during eligible employer status. For most companies taking advantage of this program, the refundable tax credits are well in excess of the payroll taxes paid by the employers.
Eligible businesses apply by filing 941-X, Amended Quarterly Payroll Tax Return, with the IRS. This form must be submitted within three years following the initial return filing, so businesses could have until 2024 to participate in the program.
The total ERC benefit per employee can be up to $26,000 ($5,000 in 2020 and $7,000 per quarter through Q3 in 2021). The refundable credit is applied toward payroll taxes on the quarterly Form 941/941-X.
