ERC

Employee Retention Credit

Get the Credit You Deserve In response to the financial impact of the COVID-19 pandemic, the CARES Act established the employee retention credit (ERC) to encourage employers — including nonprofits — to keep employees on the payroll. The credit has been expanded and increased for 2021, but it’s also not too late for eligible employers…

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erc

Employee Retention Credit Guidance for 2021 Q1 & Q2

The CARES Act created a refundable payroll tax credit called the Employee Retention Credit (ERC) for qualified wages paid by an eligible employer between March 13th and December 31st of 2020.  The credit was equal to 50% of qualified wages paid, up to $10,000 in wages paid per employee, with a maximum credit of $5,000…

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IRS Provides Clarification and Guidance for Employer's Claiming Employee Retention Credit (ERC) for 2020

IRS Provides Clarification and Guidance for Employer’s Claiming Employee Retention Credit for 2020

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) signed into law in December of 2020 retroactively amended the Employee Retention Credit (ERC) to allow eligible employers to claim credit even if the employer previously obtained a Paycheck Protection Program (PPP) loan.  Now eligible employers can claim the credit on any wages that…

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