ERTC Tax Credit
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ERTC, the Employee Retention Tax Credit, is a stimulus initiative crafted to provide support to businesses that managed to retain their workforce amidst the challenges posed by the Covid-19 pandemic.
Enacted through the CARES Act, this program offers a refundable tax credit that can be utilized by your business. The ERTC extends its benefits to both small and medium-sized enterprises and is calculated based on the qualified wages and healthcare expenses incurred for employees.
- Businesses can get up to $26,000 per employee
- Available for 2020 and 3 quarters of 2021
- Qualify with decreased revenue or a business impact
- No limit on funding
- ERTC is a refundable tax credit
How much money can your business get back?
How do you know if your business is eligible?
To be eligible, your business must have been adversely affected in one of the following ways:
- Your business faced either a partial or full shutdown mandated by a government authority during 2020 or 2021. This includes restrictions on operations due to commerce limitations, travel constraints, or limitations on group gatherings.
- Gross receipt reduction criteria varies for 2020 and 2021, but it is determined by comparing the current quarter’s revenue to the pre-COVID levels of 2019.
- It’s worth noting that a business can qualify for the credit in one quarter but not in another.
Initially, under the CARES Act of 2020, businesses were ineligible for the Employee Retention Tax Credit (ERTC) if they had previously received a Paycheck Protection Program (PPP) loan. However, with new legislation enacted in 2021, employers can now qualify for both programs concurrently.
At Manning Accounting Services, we are here to provide clarity. Our dedicated team of experts is ready to assist you by offering guidance and outlining the necessary steps to help you maximize your business’s ERTC claim.
Our offerings encompass the following:
A team of dedicated specialists well-versed in deciphering intricate program regulations, readily available to address your inquiries.
- A thorough assessment of your business’s eligibility
- Comprehensive analysis of your claim
- Guidance throughout the claiming process and documentation
- Specialized expertise in the program that regular CPAs or payroll processors may lack
- A streamlined and efficient end-to-end process, ensuring a swift journey from eligibility assessment to the successful claiming and receipt of refunds.