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The Employee Retention Tax Credit (ERTC) is a tax credit designed to help businesses keep their employees on payroll during times of economic hardship, such as the COVID-19 pandemic. Here are some of the basic rules for the ERTC: Eligibility: To be eligible for the ERTC, a business must have experienced either a significant decline in gross receipts or a full or partial suspension of operations due to a government order related to COVID-19. Credit Amount: The ERTC is worth up to 70% of qualifying wages paid to eligible employees, up to a maximum credit of $28,000 per employee. Eligible Wages: The wages that can be used to calculate the ERTC include all forms of compensation, including health benefits and retirement contributions, up to a maximum of $7,000 per employee per quarter. Eligible Employees: Eligible employees include those who were kept on payroll during the period of economic hardship, as well as those who were furloughed or had their hours reduced. There are some exceptions, such as family members of the business owner. Claiming the Credit: Businesses can claim the ERTC by reducing their payroll tax deposits or by requesting an advance payment from the IRS. These are just some of the basic rules for the ERTC, and there may be additional rules and requirements depending on your specific situation. I recommend consulting with a tax professional or visiting https://MrgtGroup.com and the ERTCExpress team ,who are more than qualified to help you .

The Employee Retention Tax Credit (ERTC) is a tax credit available to eligible employers who have been negatively impacted by the COVID-19 pandemic. Here are some general rules for the ERTC: Eligible Employers: Employers who experienced either a full or partial suspension of operations due to a government order or a significant decline in gross receipts during any calendar quarter in 2020 or 2021 may be eligible for the ERTC. Eligibility requirements may vary depending on the year. Qualified Wages: Employers may claim a tax credit for qualified wages paid to eligible employees during the time that the employer was eligible for the credit. Qualified wages are generally limited to $10,000 per employee per calendar quarter. Credit Amount: The ERTC is equal to 50% of qualified wages paid to eligible employees up to a maximum credit amount of $5,000 per employee for all of 2020 and $7,000 per employee per quarter for 2021. Interaction with PPP Loans: Employers who received a PPP loan in 2020 or 2021 are still eligible for the ERTC, but they cannot claim the credit for wages that were paid using the PPP loan funds. It's important to note that the ERTC rules and eligibility requirements may change over time, and there may be additional nuances depending on each employer's specific situation. I recommend consulting with a qualified tax professional or reviewing the official IRS guidance on the ERTC for more information. Visit us at https://mrgtgroup.com

The Employee Retention Tax Credit (ERTC) is a tax incentive offered by the United States government to encourage businesses to retain their employees during the COVID-19 pandemic. The credit was introduced as part of the CARES Act in March 2020 and has since been extended and expanded under subsequent legislation. Under the ERTC, eligible employers can receive a tax credit of up to $7,000 per employee per quarter, or up to $28,000 per employee for the full year. To be eligible, the employer must have experienced a significant decline in gross receipts or been subject to a full or partial government shutdown due to COVID-19. USA employers can benefit from the ERTC if they meet the eligibility criteria. The credit can be used to offset the employer's share of Social Security taxes or can be claimed as a refund if the credit exceeds the employer's payroll tax liability. It's important to note that employers cannot claim for Family Members , also the limit for 2021 was max 100 employees and 500 employees 2022 Overall, the ERTC is designed to help employers retain their employees and provide financial support during these challenging times. If Your Company meets the eligibility criteria, they should consider taking advantage of this tax credit to reduce their tax liability and maintain their workforce.

Attention Business Owners: Did your company experience a decline in gross receipts or was it subject to a full or partial suspension of operations due to COVID-19? If so, you may be eligible for the Employee Retention Tax Credit (ERTC) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The ERTC is a refundable tax credit that allows eligible employers to claim up to 70% of qualified wages paid to employees, up to a maximum of $7,000 per employee per quarter. That means a potential credit of up to $26,000 per employee for 2021! Our team of tax professionals can help you determine if you are eligible for the ERTC and assist you in claiming the credit. We will work with you to gather the necessary information and documentation. Don't miss out on this opportunity to save on your business's employment taxes. Contact us today to learn more about the ERTC and how we can help you claim this valuable credit. MrgtGroup.com and ERTCExpress Your trusted partners for all your tax-related needs.