Are you taking advantage of the Employee Retention Credit (ERC) for COVID-19 Relief?

The EMPLOYEE RETENTION CREDIT (ERC) is gaining in popularity with thousands of businesses since IRS regulations have been updated in March 2021, making this type of COVID-19 relief readily available. The Employee Retention Credit (ERC) under the CARES Act encourages businesses to keep employees on the payroll.

This refundable tax credit is for 50% of up to $10,000 in wages paid per employee between the COVID-19 pandemic dates of March 12, 2020, through December 31, 2020, by an eligible employer whose business was impacted by the lockdowns and restrictions.

That means as an employer, your business may qualify for an Employee Retention Credit of up to $5,000 per employee!

Businesses who made the decision between the Paycheck Protection Program (PPP) or Employee Retention Credit (ERC) may now be able to use both by amending their 2020 Quarterly Form(s) 941.

What needs to be done… Get IRSHelp now!

Once you have filled out and submitted the GET IRS HELP form, we will touch base with you and start your ERC process:

• Information Gathering: We will request your 2020 941 returns, PPP loan documentation, and raw payroll data.

• ERC Calculation: Based on the number of employees and wages paid in the COVID-19 pandemic timeframe, we will calculate the ERC value you can receive from the IRS.

• Amending Returns: IRSHelp will then prepare and help you file the 941-X amended payroll returns

• Getting Paid: The IRS will process the credit and mail you a check!