The Employee Retention Credit (ERC) is a federal payroll tax credit designed to retain small business employees. Learn more about ERC services with Aprio.
In December 2023, the IRS launched the ERC Voluntary Disclosure Program. This innovative solution allows employers who have received ERC refunds to return a portion of them and avoid penalty. Update August 20, 2024: The IRS has opened a second Employee Retention Credit (ERC) Voluntary Disclosure...
Our team will provide ongoing support to ensure that your business remains compliant with ERC requirements and regulations from start to finish. We stand behind the results. ERC Eligibility Analysis Jorns & Associates perform a comprehensive look into your business's eligibility for the ERC and provi...
Apply for your ERC tax credit with these steps: Determine your eligibility.The ERC program has strict requirements and is only for businesses whose revenues were significantly impacted by Covid-19 yet retained employees on their payrolls. To be eligible for the ERC, your business must meet these...
What Wages Qualify for the Credit? The number of full-time employees you averaged in 2019 determined which employees you could claim for the credit. (However, employers could also include wages paid to part-time workers as long as they met the requirements.)7 ...
As the IRS notes, the ERC is “an incredibly complex credit, and there are very specific eligibility requirements for claiming the ERC.” While qualifying businesses can still claim the ERC retroactively—or they could until recently—doing so has the potential to trigger intensiv...
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest small business ...
Our company engaged BottomLine Concepts in the spring of 2023 for assistance with the Employee Retention Credit program available for qualified businesses. They were informative about the different requirements and regulations, and they helped our team understand the process from start to finish. We hi...
Before applying for the ERC, review theemployee retention credit requirementsto determine if your business qualifies. How To Apply For The Employee Retention Credit There are two options for applying for the ERC credit: you can file the proper forms yourself or hire an ERC professional. ...
A proportion of employees' eligible salaries paid during the pandemic will be deducted as credit. Eligibility requirements, credit rates, and eligible earnings have all been updated since the ERTC's creation. Companies should analyze the changes to ensure they qualify for the tax benefit they deserv...