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Jun 28, 2019
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Is ERC Taxable Income? How To Claim ERC On Your Taxes
It is not too late the claim the ERC. If you qualify, you can file an amended quarterly return using Form 941-X to receive the tax credit in the form of a refund.
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The Small Business Owner’s Guide To ERC Fees
Employee Retention Credit fees are fees that are paid to a CPA, tax expert, ERC specialist, or other expert that claims the ERC on a business’s behalf.
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How To Determine Qualified Wages For The Employee Retention Tax Credit
Qualified wages are wages that will be under consideration when you apply for the ERC. They are wages paid between March 15th, 2020 and September 30th, 2021. The period for qualified wages does extend beyond the September deadline for certain businesses.
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How To Calculate The Employee Retention Tax Credit
The ERC is calculated based on the amount of qualified wages paid by eligible employers to their full-time employees in 2020 or certain calendar quarters of 2021.
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How To Check Your ERC Refund Status
Unfortunately, there is no way to expedite the ERC refund process. You can avoid potential delays by ensuring that your Form 941-X is filled in correctly, including ERC refund calculations. You may also reach out to reputable ERC funding companies to learn about ERC advances and funding programs, although fees will apply.
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Can You Apply For ERC If You Used PPP?
Yes, it is possible to receive the employee retention credit even if you’ve received a PPP loan. However, you can’t claim the ERC for any portion of wages used to qualify for the PPP loan or PPP loan forgiveness.
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When Is The ERC Tax Credit Deadline?
To qualify for ERC in 2020, businesses must have paid qualified wages to employees from March 13, 2020, through December 31, 2020. To qualify for ERC in 2021, businesses must have paid qualified wages to employees during the period of January 1, 2021, through September 30, 2021.
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How To Apply For The Employee Retention Tax Credit
While the ERC can be daunting, it is a great way to pay yourself back for keeping your employees on payroll during the different economic shutdowns we experienced in 2020 and beyond. Take some of the stress out of a potentially overwhelming process and consider hiring a professional to help you apply for the ERC. Research never hurts and who knows, you could learn that you’re more of an expert than you thought!
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What Is An ERC Grant? Learn More About This Stimulus Tax Credit for 2023
While the ERC program does have a few similarities to grant programs, there is not an actual ERC grant. Instead, the ERC is a refundable tax credit available to eligible small businesses that kept employees on payroll throughout 2020 and 2021.
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