Have You Taken Advantage Of The Employee Retention Tax Credit?

Not sure whether you have taken advantage of the Employee Retention Tax Credit (ERTC or ERC)?  Designed as an incentive for small businesses to keep employees on the payroll during the COVID-19 crisis, the ERC was established to help relieve some of the pressures of business owners by providing a refundable tax credit to eligible employers.  Essentially, the ERC provides a refundable employment tax credit where eligible employers receive a credit of $5,000 per employee per quarter in 2020, and $7,000 per employee per quarter in 2021.  By filing for the credit, employers can recoup up to $26,000 per employee.

While the program effectively ended in 2021, businesses still have an opportunity to claim the ERC for up to three years retrospectively.  Of course, as with everything, the devil is in the details and there are a number of criterial to determine whether you, as an employer, qualifies.

The professionals at the Garibaldi Group can help analyze the various measures to determine your eligibility, and the monies, if any, you might receive were you to apply.