ERC Tax Credit 2023

Can I still Apply for the Employee Retention Credit in 2023

Businesses can no longer pay wages to claim the Employee Retention Tax Credit, but they have until 2024, and in some instances 2025, to do a look back on their payroll during the pandemic and retroactively claim the credit by filing an amended tax return.

How long does it take to receive employee retention credit refund?

Gross receipts experienced a significant drop during the calendar quarter.

Why is it important you apply for the employee retain tax credit?

Orders from an appropriate government authority restricting commerce, travel or group meetings due TO COVID-19, or, partially or fully, suspend operations during any calendar quarter

ERC is calculated based on total qualified wage, which includes health plan expenses paid directly by the employer to employees. The ERC equals 50% and 70% of the qualified wages in 2020 and 2021. The maximum credit amount is for 2021 with a cap at $10,000 per quarter.

Are you eligible for a cash refund from the employee retention credits?

The ERC is a refundable credit that allows businesses to continue paying employees despite being shut down by the COVID-19 pandemic, or to offset significant drops in gross receipts between March 13, 2020 and December 31, 2021.

Who is eligible for the Employee Retention Credit?

You are likely to be eligible for the employee retention credit if you meet the criteria. A healthy economy will have healthy businesses. This is why the government offers the tax retention credit to employees to help those in economic hardship. It is crucial to take advantage the ERTC in order to reward yourself for your hard work over the years.

Our team of experts can complete all IRS tax forms, and provide supporting documentation. They have had their operations temporarily or completely suspended or had to reduce their business hours because of orders from a government authority. Holly Wade is the executive director of research and policy analysis for NFIB, where she conducts original research and studies public policy effects on small businesses. She produces NFIB?s monthly Small Business Economic Trends surveys and surveys on topics relating to small business operations. Holly is also a director of the National Association for Business Economics.


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Can I still apply for the employee retention credit in 2023
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