Updated: Jun 9
Employee Retention Tax Credit is a refundable payroll tax credit for wages paid by an employer whose business has either been fully or partially affected due to COVID-19. All employers of any size that paid qualified wages to their employees in 2020 and 2021, along with proof of a significant decline in gross receipts and are eligible. Claiming ERTC requires eligible employers to report their total qualified wages and health insurance costs for each quarter on their quarterly employment 2019-2021 tax returns, which will be Form 941. Eligible employers are able to get immediate access to the credit by reducing employment tax. If the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.
If you think you are eligible or want more information book an appointment today: https://www.mofradfinancialsolutions.com/book-online
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