How do employers claim an Employee Retention Tax Credit (ERC)? What are “gross receipts” when it comes to the employee retention credit? MP’s HR services team addresses the top questions and provides answers about ERC eligibility. Get advice from HR providers on how to take advantage of this substantial pandemic assistance. MP’s HR services team address the top 13 questions about how to claim the ERC.
Employers could get up to $33,000 per employee in an Employee Retention Tax Credit (ERC). Since it’s a refundable tax credit, some employers are receiving their ERC as an advance. This could be a check in the mail for taxes already paid or credits that exceed their tax liabilities. Unfortunately, many organizations are mistakenly assuming they can’t participate in the program. These are the top five common myths that HR and payroll experts find that employers believe about the ERC.
Many employers are still unsure if they’re eligible for an Employee Retention Tax Credit (ERC), especially if they’ve received the PPP loan. Alarmingly, many employers find that their accountants also aren’t mentioning the Employee Retention Credit as they’re filing taxes. Don’t miss out on this opportunity for substantial pandemic assistance. MP’s HR services team addresses the top 9 questions about ERC eligibility.
The Employee Retention Tax Credit (ERC), was created back on March 27, 2020 along with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). In December 2020, it was altered so that many employers could now take advantage of it, even if they received Paycheck Protection Program loans – retroactively for 2020 and currently for 2021. Now, the program has been updated once again to be even more advantageous to employers: they will be eligible to receive up to $33,000 per employee for 2020 and 2021 combined. MP’s HR services team reveals the latest updates you need about how this program could infuse a huge cashflow back into your payroll system.