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WHAT IS ERC ?

Retain your employees—receive a 50% or 70% payroll tax credit.

When initially introduced, this tax credit was worth 50% of qualified employee wages but limited to $10,000 for any one employee, granting a maximum credit of $5,000 for wages paid from March 13, 2020, to December 31, 2021.

It has since been updated, increasing the percentage of qualified wages to 70% for 2021. The per employee wage limit was increased from $10,000 per year to $10,000 per quarter.

ERC Process

Data Gathering
  • Use our secure portal to upload your 941 returns, PPP loan documents, and raw payroll data.
Credit Calculation
  • We will use our expertise to calculate the exact value of the credit you can receive from the IRS.
Amending Returns
  • We will prepare and help file the 941-X Amended payroll returns.
Get Paid
  • The IRS will process the credit and mail you a check.

EMPLOYEE RETENTION CREDIT EBOOK!

An ERC is an employee who is exempt from receiving overtime pay because of their job duties and salary. Their salary must meet the minimum requirements set by the FLSA, which are currently $455 per week, or $23,660 per year. The job duties of an ERC generally fall into one of three categories: executive, administrative, or professional.

Our Success Story

Frequently Asked Questions

The ERC is a refundable payroll tax credit that can be as high as $5,000 per employee in 2020 and as high as $21,000 per employee in 2021.

This program is not an "income tax credit" and not related to your annual business tax returns or your profit/loss from the business. Although it is called a tax credit, it is most frequently received as a cash payment from the IRS. You may also use it to offset future payroll tax payments. .

The Employee Retention Credit is accessed by filing a 941-X Amended Quarterly Payroll Tax return. The IRS will accept these for up to three years after the initial filing, so the ability to participate in ERC program may continue into the end of 2024. .

No. Instead, the employer must reduce deductions for wages on their income tax return for the tax year in which they are an eligible employer for ERC purposes.

Going forward, the only way to apply for the ERC is to file an amended Form 941X (Quarterly Federal Payroll Tax Return) for the quarters during which the company was an eligible employer.

our Clients

Our TESTIMONIALS

our team

Sanyam Goel

Royal Kapoor

Vikas Jhunjhunwala

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Employee Retention Tax Credit Estimate Calculator

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