Employee Retention Credit: Are You Missing Out?

The Employee Retention Credit (ERC) is a refundable payroll tax credit available to eligible employers in 2020 and 2021. Eligibility is determined with one of two tests: a full or partial shutdown or a gross receipts test. The credit is up to $5,000 per employee in 2020 and up to $7,000 per employee per eligible quarter in 2021. The credit can be claimed retroactively through amended Form 941s. This session will explain the eligibility requirements as well as how the ERC interacts with other government programs like FFCRA, WOTC, PPP, SVOG and RRF.

Notice – September 14, 2023

The Internal Revenue Service (IRS) continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red flags that can signal trouble.

To protect taxpayers from scams, the IRS has stopped new Employee Retention Credit processing amid a surge of questionable claims. Click here to learn about the ERC moratorium.