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Employee Retention Tax Credit
What is it?
The Employee Retention Tax Credit (ERTC) is a tax credit authorized first by the CARES ACT to get funds to businesses to cover the cost of their payroll.
The employees must be on payroll, not 1099 contractors.
Who Qualifies?
Employers with 500 or fewer employees on payroll can get the most credit. Employers with over 500 employees may be eligible for some limited credits. If you were in business as of 2/15/20, your credit amounts are limitless, but if you weren’t in business by then you can still get up to $50,000 in some circumstances.
How much Can I Receive?
For 2020, you can receive up to $5,000 per employee for the year (50% of the first $10,000 in wages for each employee).
For 2021, the credit increased to up to $7,000 per employee per quarter (70% of the first $10,000 in wages for each employee).
That means you can get up to $33,000 per employee.
If you are interested I will make the introduction to the Tax Accountant-Attorney that will provide you a Free Consultation.
727-291-7891 - dave@fcbankcard.com
What is it?
The Employee Retention Tax Credit (ERTC) is a tax credit authorized first by the CARES ACT to get funds to businesses to cover the cost of their payroll.
The employees must be on payroll, not 1099 contractors.
Who Qualifies?
Employers with 500 or fewer employees on payroll can get the most credit. Employers with over 500 employees may be eligible for some limited credits. If you were in business as of 2/15/20, your credit amounts are limitless, but if you weren’t in business by then you can still get up to $50,000 in some circumstances.
How much Can I Receive?
For 2020, you can receive up to $5,000 per employee for the year (50% of the first $10,000 in wages for each employee).
For 2021, the credit increased to up to $7,000 per employee per quarter (70% of the first $10,000 in wages for each employee).
That means you can get up to $33,000 per employee.
If you are interested I will make the introduction to the Tax Accountant-Attorney that will provide you a Free Consultation.
727-291-7891 - dave@fcbankcard.com
