Employee Retention Tax Credit (ERC) Filing Services
Little Rock, North Little Rock, Maumelle, Benton, Bryant, Cabot, Conway, & Central AR
The Employee Retention Credit under the CARES Act encourages businesses who have been financially impacted by COVID-19 to keep employees on their payroll. The refundable tax credit offers 50% of up to $10,000 qualified wages per employee for 2020, and 70% of up to $10,000 per employee per quarter for the first 3 quarters of 2021.
Need help with eligibility and filing your ERTC? Any business, such as a restaurant that was fully or partially shut down, who's dining area was closed, or who was required to keep tables 6' feet apart may be considered eligible for the ERC. If you're unsure of whether or not you qualify, call RAN Accounting & Consulting today or fill out the form below.
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Employee Retention Tax Credit
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Do You Qualify for the ERC Tax Credit? Closed Operations & Gross Receipts
Employee Retention Credit (ERC) Eligibility: For businesses that qualify, they may receive a 50% refundable credit for up to $10,000 of qualified wages per employee for 2020. The ERC gets even better for the first 3 quarters of 2021! Businesses who qualify may receive up to 70% refundable ERC of up to $10,000 per employee, per quarter.
There are several different ways to qualify from a 50% decline in gross receipts test in 2020 to a 20% decline in gross receives in 2021. Also, if your business was closed or partially closed from March 12, 2020 to October 1, 2021 during any give time due to a government mandate (Federal, State, County, City), you may qualify for the Employee Retention Credit.
More About ERC Tax Credits | What Is It?
Business Accounting & Consulting | ERC Help
Congress has enacted 4 different laws over the past couple of years that give and then take away some of the Employee Retention Credits: the CARES Act (March 27, 2020), the Economic Aid Act (December 27, 2020), the American Rescue Plan Act (March 11, 2021), and the Infrastructure Investment and Jobs Act (November 5, 2021).
Employee Retention Credits were originally established as part of the CARES Act as a dollar-for-dollar credit against employment taxes available to certain employers as reimbursement for “qualified wages” paid to employees during periods of economic hardship or when a business closed or partially closed in 2020 and/or 2021 due to the Covid Pandemic. The purpose of the ERC was to incentivize employers to keep employees on the payroll. Call Ran Accounting & Consulting today for ERC filing services.
