The Employee Retention Credit (ERC) is a valuable tax incentive provided by the Internal Revenue Service (IRS) to help businesses retain their employees during challenging economic times. This credit was introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in respon...
Small businesses looking to take advantage of the Employee Retention Credit (ERC) must carefully evaluate all eligibility requirements and closely follow IRS guidance. It's imperative to choose the right advisor who can help you assess your eligibility, understand limitations to eligibility, ...
If you received a refund check for the Employee Retention Credit (ERC), record it by creating a bank deposit. I'll show you how. Click the Banking menu, then select Make deposit. In the Deposit To dropdown, choose your bank accoun...
The ERC is based on a percentage of qualified wages paid to eligible employees during specific periods of time. The refundable tax credit can be used to offset federal payroll tax deposits or can be claimed as a refund on Form 941, the Employer’s Quarterly Federal Tax Return. This credit ...
"My CPA will claim this credit on my annual tax return”If eligible, your practice will need to amend your filed returns for 2020 and 2021 by filing IRS Form 941-X and retroactively claim the ERC for each year.“I am an ‘essential business’ so I do not qualify”Although healthcare ...