Employee Retention Tax Credit (ERTC)
Receive up to $26,000 per qualifying employee.
The Employee Retention Tax Credit (ERTC) was approved under the CARES Act. It is a tax credit that rewards businesses for keeping their employees working throughout the COVID-19 pandemic.
The ERTC is essentially a tax rebate issued by the IRS in order to partially reimburse eligible employers for payroll expenses.
The maximum amount an employer can receive is $26,000 per qualifying employee. As you can see, you could hugely benefit from this tax credit program!
Why Choose Us?
Time Value Accounting & Advisory Services specializes in working with small businesses throughout North Carolina. We know how challenging taxes can be even without special tax credits.
We’re here to help you every step of the way as you navigate the Employee Retention Tax Credit. Whether you have questions about the qualifications you need to meet or you simply need assistance filing your ERTC claim, our expert small business tax team is here to assist you.
As ERTC experts, we will do everything in our power to secure the most possible money for you and your business.
Retroactively Claiming the ERTC
The CARES Act includes two stimulus programs for employers – the ERTC and the Paycheck Protection Program (PPP). In 2020 and early 2021, at the height of the pandemic, eligible business owners were limited to one of the programs. Most chose the PPP because it provided faster financial assistance.
Now, the IRS is allowing qualifying PPP loan recipients to retroactively claim ERTC funds as well. Our job is to help you determine if you are eligible for this government program.
Please Note - If your answer is No to questions #2 or #3 below, your business does not qualify for the ERC.
1. Are you an employer that has been adversely affected by the covid-19 pandemic?
2. Was the business fully or partially suspended due to a government order related to COVID-19, limiting commerce, travel, or group meetings?
3. Did the business experience a significant decline in gross receipts during a specified period in 2020 or 2021 when compared to a comparable prior period in 2019?
If your answer is Yes to either questions #2 or #3, please schedule an ERC Discovery Call to learn more about claiming your credit.