Employee Retention Credit (ERC) - December 3, 2022
Due to the COVID/pandemic, the federal government established the Employee Retention Credit (ERC) to provide a refundable employment tax credit to help businesses with the cost of keeping staff employed.
Eligible businesses that experienced a decline in gross receipts or were closed due to government order and didn’t claim the credit when they filed their original employment returns can take advantage by filing adjusted employment tax returns.
Time is limited for filing adjusted employment tax returns so please do not delay.
Attached is a FAQ link to the IRS website that provides some additional information about the ERC: https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act
Note: the above link provides basic information, and refers the reader to three subsequent Acts that include some amendments to the ERC.
Eligible businesses that experienced a decline in gross receipts or were closed due to government order and didn’t claim the credit when they filed their original employment returns can take advantage by filing adjusted employment tax returns.
Time is limited for filing adjusted employment tax returns so please do not delay.
Attached is a FAQ link to the IRS website that provides some additional information about the ERC: https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act
Note: the above link provides basic information, and refers the reader to three subsequent Acts that include some amendments to the ERC.