Many business owners may be surprised to learn there is a popular and lucrative pandemic-era tax credit still available. Although the operating restrictions and financial challenges posed by COVID-19 have long since subsided, a compelling federal tax savings opportunity remains. Since the Employee Retention Credit can be retroactively claimed for three years there are many who can still benefit.
What is the ERTC?
The Employee Retention Credit (ERC) is a refundable federal payroll tax credit for businesses that continued to pay employees while shut down due to the COVID-19 pandemic or had significant declines in business. The value of the credit varies depending on the year in which an organization qualifies. For 2020, businesses can claim a maximum credit of $5,000 per eligible employee per quarter. In 2021, the amount was significantly increased to $7,000 per eligible employee per quarter. To qualify there must have been a reduction in quarterly gross receipts over the same 2019 quarter.
JLK Rosenberger offers ERTC eligibility reviews, saving assessments, and turnkey filing services for businesses with 20 or more employees. Our team of experienced tax professionals is intimately familiar with the complex regulations governing this lucrative federal tax incentive. In fact, we have worked with dozens of businesses to secure credits for eligible activities in both 2020 and 2021. Our team provides the needed guidance and support throughout the entire process from the initial review through preparation of amended filings. Our process is backed by the guidance of Certified Public Accountants (CPAs) and provides the level guidance needed to navigate this complex process.
Interested in learning if your company qualifies for the Employee Retention Tax Credit? Now is the time to take advantage of this lucrative federal tax incentive. For additional information complete the form below and a team member will follow up with you shortly.
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