ERC Tax Check has made it super simple to apply for the Employee Retention Tax Credit. Read through our website for additional details and read this FAQ. When you’re ready – all you need to do is select the “Apply Now” or “See if You Qualify” links and ERC Specialists will assist with the entire process. Apply Now
The United States Treasury Department is the organization that is processing these requests and issuing tax refund checks to those businesses that have properly submitted their paperwork and qualify for the program. Right now, refund checks are being received between 4 – 8 months from the time your application was submitted.
US based businesses that had more than 1 full time employee, other than the principal owner, which experienced a Covid Event that negatively impacted their business during 2020 or the first three quarters of 2021 may qualify for the Employee Retention Tax Credit (ERC or ERTC). For additional details, check out our Home page or ERC Infographic.
The ERC Tax Credit Program is for businesses that were negatively impacted by Covid during 2020 and/or 2021. Businesses, even though they may have closed since then, can retroactively apply during 2023 and 2024. There are actually two deadlines: For all quarters in 2020, the deadline to apply for the ERC is April 15, 2024, and for all quarters in 2021, the deadline is April 15, 2025. However, the Treasury Department also allocated a certain amount of funds to the program, so if the funding gets used up before then, then the ERC program may end sooner.
While the refund is not income and not taxable under IRC § 280C, the credit amount creates a reduction in wages matching the amount of the credit. This reduction occurs in the year the wages are paid, so a 2021 credit is reflected on your 2021 tax return, even if you have received the refund in 2023. If you did not claim ERC for the 2020 or 2021 quarters and are making a claim in 2023, you cannot adjust wages on your 2022 or 2023 tax return. Partnerships must file an amended administrative adjustment request. Businesses file amended income tax returns for years they are claiming credit and adjusting wages. When you qualify through our partner at ERC Specialists – they can provide further guidance and assistance on this. Note this is not tax, financial or legal advice of any kind.
Yes! As long as the non-profit organization had at least 1 full time employee and was negatively impacted by a qualifying covid event during 2020 and/or 2021, they may qualify for the Employee Retention Tax Credit. Depending upon the nature of the organization, different qualifications may apply.
The $26,000 payroll tax refund you may have heard about or received a call on is the same program as the Employee Retention Tax Credit (ERTC). The ERTC is a program to help businesses that were negatively impacted by Covid during 2020 and 2021 whereby they can receive up to $5,000 in payroll tax credit for 2020 and up to $21,000 for the first three quarters of 2021, for a total of up to $26,000 per employee in potential tax refunds.
We are currently updating the ERC calculation spreadsheet and will provide it on our website with an active link to download it as soon as possible. We’ll also update this FAQ and put an active link in this section when it becomes available. << ERC Calculation Spreadsheet link >>
That’s easy – its right here: 2023 Employee Retention Tax Credit Infographic
We work closely with the industry’s leading firm for processing ERC Tax Credits on behalf of business across the United States – ERC Specialists. Get qualified using this link >>> Apply Here For The ERC Tax Credit.
The short answer to that question is: All Types! There are practically no limitations on the type of business that can qualify for the ERC tax credit. From bakeries, to restaurants, gyms, manufacturing companies, business services companies, ecommerce companies, law firms, professional services, mortgage companies, schools, not for profits, and the like. Whatever type of business you have, chances are you’re eligible.