What business owners need to know to claim the Employee Retention Credit (Sponsored Content by ErCdigital)
This tax credit is available against certain payroll taxes for employers who kept employees on staff throughout the pandemic., its eligibility requirements, how to calculate the credit and other important information. The guide will help employers take advantage of this important benefit and make informed decisions about their businesses. Businesses can claim this credit until April 2024 for all quarters of 2020, and until April 2025 for all quarters of 2021.
Additionally, employers who received Paycheck Protection Program funds can still qualify for the ERC as long as they have used their PPP funds for authorized expenses. The eligible employer can claim the ERC on qualified wages that are not counted as payroll costs in obtaining PPP loan forgiveness.Qualified wages are full-time workers' compensation. Any businesses that paid for these wages, despite the hardship of the pandemic, are qualified employers.
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