Employee Retention Tax Credit (ERTC) program
Employee Retention Tax Credit (ERTC) program
The Employee Retention Tax Credit (ERTC) program a federal stimulus program designed for businesses that operated during the 2020/2021 pandemic and maintained W2 employees.
The ERTC qualifiers are primarily associated with any of the following:
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.
A detailed analysis of your business will be conducted by tax attorneys specializing in the ERTC. Application documents will be prepared and filed with the IRS. Once filed, refunds are released based on IRS backlog. Currently, the IRS has stipulated a 20-week minimum turnaround on the ERC refunds.
In anticipation of claiming the credit, employers can retain a corresponding amount of the employment taxes that otherwise would have been deposited, including federal income tax withholding, the employees' share of Social Security and Medicare taxes, and the employer's share of Social Security and Medicare taxes for all employees, up to the amount of the credit, without penalty, taking into account any reduction for deposits in anticipation of the paid sick and family leave credit provided in the Families
First Coronavirus Response Act.
Eligible employers can also request an advance of the Employee Retention Credit by submitting Form 7200. If you are ready to get started and for additional information, please visit https://bit.ly/MId-SouthERC .
Additionally, if you have any questions about the ERTC program or qualification process,our certified specialist are available to answer your request either by email or phone.