What Is Employee Retention Credit?

What Is Employee Retention Credit?

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Employee Retention Credit or ERC.  Many of you have heard about this recently.  There are numerous radio ads, mailers, flyers, and spam emails concerning ERC, how you qualify for it, and how the company posting the ads can get you back tens if not hundreds of thousands of dollars in refunds.

The ERC is real. It was enacted by Congress in March 2020 and expired on 9/30/2021.  It is a tax credit against payroll taxes that your business may qualify for if you paid employee wages during this time frame and if your gross business income was lower than 2019 income by a certain threshold.

Although the ERC is real, I advise that you do not respond to these unsolicited promises of huge refunds.  Instead, call us to discuss it. CPA Consulting Group became aware of the ERC when it was passed by Congress in March 2020.  Since then, for most of our clients, we have already reviewed whether you qualified for the ERC and if so, for how much.  Thus, more than likely, if you qualified for ERC, you have already received any refund for which you are due.  Alternatively, we may have come to the conclusion your business did not qualify for ERC because your gross income did not drop by the required percentage.

The ERC isn’t anything new.  It is something our firm has been dealing with for over two years with you, our clients. So do not respond to any of these unsolicited ads promising you enormous refunds.  Instead, give us a call to discuss.  We can review your situation directly with you and let you know if you already received all the ERC that you were due or if you did not qualify.

Give us a call today at 307-577-4040