Employers across every industry are claiming Employee Retention Tax Credits (ERC) for hundreds of thousands– even millions– of dollars. While this program will significantly aid employers, it’s also confusing and technical. Businesses must follow the IRS’s complex process to claim their tax credit. They must also ensure full compliance to avoid future audits. MP’s HR and payroll experts address the three most common points of confusion about this highly beneficial program. Read the article to:
• Find out how PPP loans impact ERC claims
• Uncover key timeframes and deadlines for claiming an ERC
• Learn whether an organization must be financially impacted by the pandemic to be ERC eligible
• Discover lesser-known eligibility criteria for the ERC
ERTC
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Is Your Business Eligible for the Employee Retention Credit (ERC)? 14 Critical Questions
Businesses in all industries are claiming Employee Retention Tax Credit (ERC)s of millions of dollars—even if they received PPP loans. Many employers qualify for up to $33,000 per employee in refundable, advanceable funds. MP’s HR and payroll experts have created a brief, simple questionnaire to help employers determine if they might be eligible for the ERTC program. Just one “yes” answer could be enough for eligibility for this program. Download the questionnaire to find out if you may qualify.
You will:
• Learn about revenue loss requirements for 2021 and 2022
• Find out why an organization’s partial or complete shutdown in 2020 or 2021 qualifies them for ERC funds
• Discover how an inability to sell alcohol in the past two years may qualify employers for an ERC
• Uncover whether social distancing measures or vendor supplier issues make an organization eligible for an ERC
A Simple Decision Tree to Determine Your Employee Retention Tax Credit (ERC) Eligibility
Use this simple tool to determine if your business is eligible for the ERC. Businesses across all verticals have claimed an Employee Retention Tax Credit (ERC or ERTC) of up to $33,000 per employee. Some employers have received ERCs of over $1 million. This program is accessible to many employers (in both the nonprofit and corporate sectors) — even if an organization already received other pandemic aid like PPP loans. Businesses may utilize this decision metric, developed by MP’s HR and payroll experts, to help determine ERC eligibility for a 2020 quarter. (Note, this diagram is provided for informational purposes and doesn’t constitute legal or accounting advice.) Download the diagram to:
• Determine eligibility for the ERC
• Find out how an employer’s size affects ERC eligibility
• Learn how much of a revenue loss employers must demonstrate to claim an ERC
• Discover how 2020 and 2021 ERC eligibility criteria differ
Infographic – The Employee Retention Tax Credit: Key Facts and Figures
Your organization could be eligible for up to $33,000 per employee in employee retention tax credit (ERTC)– even if you received PPP loans. Are you updated on the latest guidance from the IRS on how to claim your ERTC? The HR and payroll experts at MP share what you must know about the ERTC. Download the infographic to:
• Find out if your company is eligible for an employee retention credit
• Get guidance on claiming the maximum amount per employee in 2021 (and 2020 retroactively)
• Learn about how ERTC and PPP loans interact
Download the infographic.
Nine Important Considerations for Employee Retention Tax Credit Eligibility: Part 2
Many employers are unaware of the Employee Retention Tax Credit (ERC or ERTC) or mistakenly assume they don’t qualify. Even employers that received Paycheck Protection Program (PPP) loans are claiming ERCs of thousands of dollars– some are claiming an ERC of $1 million or more. With assistance from HR and payroll experts like MP, the ERC process is simple and takes less than an hour for employers. In part two of this series (read part one here), MP’s HR services experts share four reminders about this substantial financial aid program. Read the article to:
• Find out how long to keep records of payroll data for an ERC claim
• Discover how long it takes to recoup ERC funds
• Learn how PPP loans affect an ERC claim
• Get tips for reducing the risk of an audit when claiming an ERC
Read the article.
Nine Important Considerations for Employee Retention Tax Credit Eligibility: Part 1
Businesses across the country– even those that received Paycheck Protection Program (PPP) loans– are claiming Employee Retention Tax Credits (ERC) of thousands of dollars. Many are claiming an ERC of $1 million or more. Unfortunately, many employers are unaware of the ERC or even mistakenly assume that they aren’t eligible. In part one of this series (read part two on Monday, August 30th), MP’s HR and payroll experts outline five key points for employers about this substantial pandemic aid program. Read the article to:
• Find out how ERC criteria differ from 2020 and 2021—and how eligibility has expanded
• Uncover what impact “owner restrictions” have on ERC claims
• Learn how to calculate a revenue loss to qualify for an ERC
• Discover why a business could still claim an ERC, even if they never fully shut down
Read the article.