The Employee Retention Credit, Explained.
Consider the Employee Retention Credit (ERC) as an IRS cash rebate. It is almost like a reward for the companies that persevered through COVID. It is money in your pocket, similar to a personal tax return for your business, in terms of what it is.
impact
COVID-19-affected businesses can claim up to $5,000 in refundable tax credits for each employee on their 2020 payroll and up to $26,000 in refundable tax credits for each employee on their 2021 payroll.
ERC
Employee Retention Credit
The Employee Retention Credit (ERC), which was initially adopted as a component of the large COVID-19 government stimulus package known as the CARES Act, was intended to reward business owners for maintaining their staff members throughout the COVID-19 epidemic. The majority of business owners may reap large returns from these payroll tax advantages. When it comes to understanding the complex rules outlined in the ERC tax legislation, Kapital Hub is the leading national authority. Our company specializes in maximizing ERC credits and funding for small and medium-sized businesses. We handle all the challenging chores, freeing you to concentrate on going back to your area of expertise while we continue to do what we do best.
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Consider the Employee Retention Credit (ERC) as an IRS cash rebate. It is almost like a reward for the companies that persevered through COVID. It is money in your pocket, similar to a personal tax return for your business, in terms of what it is.