The Employee Retention Tax Credit (ERTC) is an extensive refundable tax credit that was created as a response to provide tax relief for companies. The ERTC incentivizes the revenue loss many companies faced during the height of the COVID-19 pandemic (2020 – 2021). Although the ERTC program came to an end with the signing of the Infrastructure Investment and Jobs Act, businesses still have the opportunity to claim a refund retroactively for qualified wages they paid to their employees after March 12, 2020. With our expertise in the field, our professionals can help you determine your company’s qualified wages and assert your eligibility to benefit from the ERTC. We work closely with local businesses to help them recover from the financial losses the global lockdown imposed upon them.
What is it?
Funding available to small companies, which can be used to allow certain employers who retain employees during the crisis to claim a tax credit. This tax credit is known as the Employeee Retention Credit (ERC)
What businesses qualify?
- Has less than 100 employees in 2020, or less than 500 in 2021,
- Full or partial suspension of business operations as a result of goverment order OR,
- Significant decline in revenue in 2020 and 2021,
- Kept W-2 employees on the payroll.
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- Advance Lending Available – no need to wait for IRS to get funding
- No Application Fee and No money up front
- Not a loan
- Use money for any purpose
In 2020, The ERC is a tax credit against payroll taxes, social security taxes for wages paid between March 12, 2020 and December 31, 2020. The tax credit is 50% of the wages paid up to $10,000 per employee, capped at $5,000 per employee.
In addition to 2020, the ERC is available for all four quarters of 2021, and up to $7,000 per quarter. The level of qualifying business disruption has been reduced to a 20% decline in gross receipts during a single quarter.
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