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How to Claim the ERC on Your Tax Return

How to Claim the ERC on Your Tax Return

March 5, 2023 by admin in ERC

The Employee Retention Credit (ERC) is a tax credit that was created to help businesses keep employees on the payroll during the COVID-19 pandemic. This credit has been extended through the end of 2021, and many companies can claim it on their tax returns. Here are the steps to follow to claim the ERC on […]

The Effect of the ERC on an Employer’s Tax Liability

The Effect of the ERC on an Employer’s Tax Liability

February 27, 2023 by admin in ERC

The Employee Retention Credit (ERC) is a tax credit designed to encourage employers to retain employees during the COVID-19 pandemic. The credit provides a financial incentive for businesses to keep employees on their payroll by offering a credit of up to $7,000 per employee per quarter for qualified wages. A critical aspect of the ERC […]

Interaction Between the PPP (Paycheck Protection Program) and the ERC

Interaction Between the PPP (Paycheck Protection Program) and the ERC

February 27, 2023 by chamberbusiness in ERC

The COVID-19 pandemic has profoundly affected businesses of all sizes, leading to financial losses and closures. To mitigate the economic impact of the pandemic, the US government created several relief programs, including the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC). While both programs seek to support businesses, it is essential to understand […]

ERC for Barbershops & Salons

ERC for Barbershops & Salons

February 22, 2023 by admin in ERC

You might be qualified for a federal tax credit that gives barbershop and salon owners access to hundreds of thousands of dollars. We have information on how to claim the Employee Retention Tax Credit (ERC), which is available to business owners with employees affected by the pandemic. Let me start by addressing your primary concerns: [...]

ERC for Bars

February 22, 2023 by admin in ERC

The Employee Retention Credit (ERC), a refundable employee payroll tax credit that can grant bars, restaurants, and other businesses up to $26,000 per employee, can provide significant financial assistance to restaurants and bars. The ERC has already given millions of dollars to various employers, including owners of bars and restaurants. It will continue to do [...]

ERC for Churches and Non-Profits

ERC for Churches and Non-Profits

February 22, 2023 by admin in ERC

The federal government provided various types of financial assistance to struggling businesses throughout the pandemic. However, if you belong to a church or nonprofit group, you might not have considered that your organization qualifies. Luckily, nonprofit organizations and churches are eligible, so your company might still be able to benefit from Employee Retention Credits (ERC), [...]

ERC for Gyms and Fitness Centers

ERC for Gyms and Fitness Centers

February 22, 2023 by admin in ERC

According to research, the COVID-19 pandemic has cost the health and fitness industry over $30 billion in lost income. There has been a significant emotional and financial impact. Even though there is no way to undo what has already happened, Congress did enact the CARES Act and the Employee Retention Credit program to help. The [...]

ERC for Hotels and Restaurants

ERC for Hotels and Restaurants

February 22, 2023 by admin in ERC

The restaurant and hotel industries faced tough challenges as a result of the COVID-19 pandemic. Many businesses had to transition to a takeout and delivery model, closing their interior dining areas and moving customers to outdoor seating. Restaurants and hotels also had to deal with labor shortages, rising food prices, supply chain delays, and increased health [...]

ERC for Law Firms and Lawyers

ERC for Law Firms and Lawyers

February 22, 2023 by admin in ERC

Due to partial closures or reductions in gross income in 2020 and 2021, it is still possible for law firms to be eligible for tax credits. If law firms have or were subject to government mandates as a result of certain courts closing in 2020 and possibly into 2021, they might qualify as an eligible [...]

ERC for Medical Practices

ERC for Medical Practices

February 22, 2023 by admin in ERC

The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers hospitals and healthcare organizations several benefits. One of these is the Employee Retention Credit (ERC). The ERC offers eligible companies a refundable credit of up to $5,000 per employee. An eligible employer whose business has been impacted by COVID-19 may use the credit, which is worth [...]

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