The Employee Retention Tax Credit (ERTC) is a valuable financial incentive for businesses who retained their employees during the difficult economic times caused by the pandemic. This credit, created as part of the CARES Act in 2020, provides eligible employers with a tax credit for a portion of wages paid to employees during 2020 and 2021. The ERTC was designed to aid businesses who kept workers on the payroll, rather than laying them off, and help businesses overcome the economic impact of the pandemic.
The ERTC offers significant financial benefits for eligible employers by offering a payroll tax credit of up to $26,000 per employee, Additionally, the ERTC is refundable, meaning that even businesses with no tax liability can benefit from the credit. The credit is available to a wide range of employers, including businesses of all sizes and non-profit organizations, making it a useful tool for a variety of organizations that faced economic hardship. You may qualify for the credit even if you received a PPP loan or assistance from the Restaurant Revitalization fund.
Genovese, Zdon & Associates has helped dozens of businesses claim this valuable credit. But the time to apply for these credits is running out. Contact us today to see if you qualify for this tax benefit!