ERC Tax Credit FAQ 2022

Employee Retention Credit Cpas For Those Who Are Familiar With Construction

If your organization is deemed eligible, it could receive up to $26,000 per W-2 employee. The ERC, a payroll tax credit that can be used to infuse cash into your bottom line, allows you to reinvest in your employees and business. OnCentive, the nation?s top tax credit consulting firm, ERC home improvement services assists organizations with the complexities of the ERC. ERC gave eligible employers a tax credit that allowed them to continue to employ Americans during the pandemic.

employee retention credit construction industry

Launched in March 2020, the ERC remains one of the biggest relief opportunities--up to $26,000 per employee during 2020 and 2021--available to eligible businesses that have been negatively impacted by the COVID-19 pandemic. Even for businesses that are already recovering, employers can retroactively claim ERC based upon hardships suffered during 2020 and the first three quarters 2021. Congress passed many programs to keep people employed when companies were dealing with the impacts of COVID.

Application Key Guidance For Ppp Loan Forgiveness

He says with its renewal and expansion under the Consolidated Appropriations Act , 2021, the maximum credit increased to $21,000 or $7,000 per employee for the first three quarters. Businesses can still claim funds from the Employee Retention Tax Credit program in relation to pandemic relief. Aprio's ERCteam can help you determine your eligibility for ERC under the CARES Act or any subsequent legislation. They will also provide detailed reporting in accordance with regulatory requirements. Aprio's ERC and PPP advisors are at the forefront in educating the public, and guiding clients to maximize COVID relief benefits.

What qualifies a business for employee retention credit?

The CARES Act offers an Employee Retention Credit that encourages businesses to keep their employees on their payroll. The refundable tax credits are 50% of up $10,000 in wages paid to eligible employers by employees whose businesses have been financially affected by COVID-19.


ERC FAQ CARES ACT 503
ERC Tax Credit Services
ERC Tax Credit Application
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