Name: Understanding the Employee Retention Tax Credit (ERTC) in 2023
Uploaded: 2023-04-13T06:47:58+00:00
Duration: 38 s
Description: The Employee Retention Tax Credit (ERTC) can provide significant financial relief to businesses that have been impacted by the COVID-19 pandemic. This tax credit encourages businesses to retain employ

1 year ago

Employee Retention Tax Credit (ERTC) CARES Act COVID-19 pandemic Consolidated Appropriations Act 2022 Retaining employees Tax credit Eligibility requirements Gross receipts Paycheck Protection Program (PPP) Government orders

The Employee Retention Tax Credit (ERTC) can provide significant financial relief to businesses that have been impacted by the COVID-19 pandemic. This tax credit encourages businesses to retain employees by offering a credit of up to $7,000 per employee per quarter.

Eligible employers can apply for the credit against their share of Social Security taxes and potentially receive a refund if the credit exceeds their tax liability.

With the ERTC extended into 2023, businesses can continue to take advantage of this tax incentive to support their operations and retain their valuable employees. Speak to a tax professional today to determine if your business is eligible for the ERTC.