Get Up To $26,000 Per Employee
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 .
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