Would you do it if you knew you could collect $26,000 per employee by gathering some data and completing a tax form? Almost any employer would say emphatically “Yes!” in response to this query. Some firms have been able to use the Employee Retention Tax Credit to make up for the difficulties brought on…
How Do You Fill Out 941-X for Employee Retention Credit?
The Employee Retention Credit (ERC), which was made a part of the CARES Act in 2020 and then expanded in 2021, gives small and medium-sized business owners who were hurt by the COVID-19 pandemic a refunded payroll tax credit. The ERC program finished on September 30, 2021, but companies that are eligible have up to…
Is Time Running Out for Your Credit
The deadlines for getting the Employee Retention Credit in 2023 are coming up fast. As the owner of a small business, you can use the Employee Retention Credit (ERC) to help your business recover from the COVID-19 outbreak. But important deadlines are coming up quickly, so it’s important to keep up with the requirements and…
PPP vs ERC
As of December 2020, the Paycheck Protection Program (PPP) had given out 11,475,003 loans, and the average loan was $69,087. In addition to the PPP, businesses can also take advantage of benefits for keeping employees. This is a special credit that will help companies keep their employees during COVID-19. Only 8% of business owners took…
ERC vs PPP
Which One is Better? Employers who kept their workers during the COVID-19 pandemic can get a tax credit that can be refunded. This credit is called the Employee Retention Credit. The credit is equal to 50% of the wages paid to workers who apply, up to a maximum of $10,000 per worker. The credit can…
ERC and PPP
During COVID-19, the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC) were made to help companies stay open. If the pandemic has hurt your small business, you might be wondering whether you can use both of these tools. Find out by reading on. What does the Paycheck Protection Program do? The CARES…