#employee retention credit
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Employers should be wary of ERC claims that are too good to be true
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021.
However, the IRS is warning employers to beware of third parties that may be advising them to claim the ERC when they don’t qualify. Some third-party “ERC mills” are promising that they can get businesses a refund without knowing anything about the employers’ situations. They’re sending emails, letters and voice mails as well as advertising on television. When businesses respond, these ERC mills are claiming many improper write-offs related to taxpayer eligibility for — and computation of — the credit.
These third parties often charge large upfront fees or a fee that’s contingent on the amount of the refund. They may not inform taxpayers that wage deductions claimed on the companies’ federal income tax returns must be reduced by the amount of the credit.
According to the IRS, if a business filed an income tax return deducting qualified wages before it filed an employment tax return claiming the credit, the business should file an amended income tax return to correct any overstated wage deduction. Your tax advisor can assist with this.
Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true. Taxpayers are always responsible for the information reported on their tax returns. Improperly claiming the ERC could result in taxpayers being required to repay the credit along with penalties and interest.
ERC Basics
The ERC is a refundable tax credit designed for businesses that:
Continued paying employees while they were shut down due to the COVID-19 pandemic, or
Had significant declines in gross receipts from March 13, 2020, to September 30, 2021 (or December 31, 2021 for certain startup businesses).
Eligible taxpayers could have claimed the ERC on an original employment tax return or they can claim it on an amended return.
To be eligible for the ERC, employers must have:
Sustained a full or partial suspension of operations due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings due to COVID-19 during 2020 or the first three quarters of 2021,
Experienced a significant decline in gross receipts during 2020 or a decline in gross receipts during the first three quarters of 2021, or
Qualified as a recovery startup business for the third or fourth quarters of 2021.
As a reminder, only recovery startup businesses are eligible for the ERC in the fourth quarter of 2021. Additionally, for any quarter, eligible employers cannot claim the ERC on wages that were reported as payroll costs in obtaining Paycheck Protection Program (PPP) loan forgiveness or that were used to claim certain other tax credits.
How to Proceed
If you didn’t claim the ERC, and believe you’re eligible, contact us. We can advise you on how to proceed.
© 2023
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Employee Retention Credit - Versa Business Systems
Maximize your Employee Retention Credit (ERC) with Versa Business Systems. Our expert team specializes in helping businesses navigate and claim the ERC, ensuring you receive the maximum benefits available. With personalized service and in-depth knowledge of the latest tax regulations, Versa Business Systems makes the ERC process seamless and efficient. Let us help you strengthen your business by retaining valuable employees and optimizing your financial health. Contact Versa Business Systems today to learn more about how we can support your ERC needs.
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Understanding the Tax Relief for Workers and Families Act: What It Means for Us
Exciting updates in U.S. tax policy are unfolding! Stay tuned for insights on the Tax Relief for Workers and Families Act and its impact on businesses and families. #TaxPolicy2024 #BusinessInsights #FamilyFinance
January 24, 2024
Hey everyone, let’s talk about something that’s been making waves in the world of taxes – the Tax Relief for Workers and Families Act. Recently pushed forward by the House Ways and Means Committee, this bill is shaking things up as we get ready for tax season. It’s a big deal because it’s bringing back some much-missed tax breaks, like a beefed-up Child Tax Credit, new…
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#Business tax implications#Child Tax Credit#Employee Retention Credit#Federal budget and deficit concerns#Individual taxpayer impact#IRS#Legislative developments#Low-Income Housing Tax Credit#Tax Cuts and Jobs Act#Tax extenders#Tax policy#Tax Relief for Workers and Families Act#Tax season 2024#U.S. tax system#Voluntary disclosure program
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What is the Employee Retention Credit?| What is ERC? | How to Apply for ...
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#employees#employers#employee retention#employee retention credit#employee retention tax credit#ertc#erc#business owners#small business owners#business owner#business#business tax credit#small business tax crdit#small business tax credit
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Become a Referral Partner for Bottomline Concepts
Want to make $5K fast? Click here to learn more:
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Here are step-by-step instructions for business owners on applying for the Employee Retention Tax Credit (ERTC):
Understand Eligibility Criteria: Review the eligibility criteria for the ERTC. Generally, businesses that experienced a significant decline in gross receipts or were subject to full or partial suspension of operations due to government orders may qualify. Click the image above or link below to continue reading: https://techertcflorida.com/ertc-instructions/
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Have questions about ERTC? If you’re business owner in the US who has been affected by the pandemic, you may qualify for the Employee Retention Tax Credit. This federal stimulus program is designed to provide financial relief to businesses that have experienced a decline in revenue due to the pandemic.
Website : https://ertcrefunding.org
Phone : 202-989-0737
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How To Report Employee Retention Credit On A Tax Return
The Employee Retention Tax Credit can help you recover from the financial hit you may have suffered during the pandemic. Here’s how you can leverage it in 2023.
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Employee Retention Credit - Versa Business Systems - Maryland
Maximize your savings with the Employee Retention Credit. Discover how this valuable tax credit can help your business retain and incentivize employees while reducing your tax liability. Versa Business Systems: Elevate employee retention with tax incentives, ensuring stability, growth, and financial rewards for businesses navigating challenges. Learn more about eligibility criteria, calculation methods, and how to claim the credit today.
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Employee Retention Credit Eligibility: Understanding ERC Credit
Navigating government regulations and compliance can be daunting, especially regarding infrequent opportunities like the Employee Retention Tax Credit (ERTC). To read more about the blog click here
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This webinar, "Supporting Employees in the Cost of Living Crisis: Recognition, Rewards and Salary Structures," is designed for HR managers, business owners, and anyone committed to enhancing their employees' well-being in these tough times.
#ost of living crisis#employee retention#cost of living crisis#supporting employees financially#employee retention credit#employee retention program#what is the employee retention#employee retention ideas#employee retention benefits#employee retention quotes#employee retention and engagement#employee retention healthcare#how to improve employee retention and motivation#Youtube
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ERC-EMPLOYEE Retention Credit
Cares Act legislation making it much easier for all businesses to qualify. I have partnered with Bottom Line Concepts, the world’s leading independent consulting firm filing for ERC. Bottom Line makes the process of filing for ERC, extremely simple and efficient. A business can receive up to $26,000 per employee ($10,000 is the average) Tax CreditFree moneyBook WritingEmployee Retention CreditCares ActStimulus ProgramRefundable Tax CreditERCSmall BusinessPandemicTrumpBidenhow to write a novelhow to become an authorERC REVIEWercsmall businees owwners
Follow the link to get started: https://bottomlinesavings.referralrock.com/l/MAURICEMCP40/
https://bottomlinesavings.referralrock.com/l/MAURICEMCP40/
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Apply for Employee Retention Credit - Step by Step Process
Read more - https://reilcap.com/erc/
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2020 and 2021 ERC Program Differences
If you’re familiar with the Employee Retention Credit (ERC), which was signed in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), you’ve probably noticed some significant changes in the program since its inception. Three additional important acts have been passed that amended the CARES Act of 2020:
Relief Act of 2021
American Rescue Plan Act of…
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#American Rescue Plan Act of 2021#CARES Act#Employee Retention Credit#ERC#Infrastructure Investment and Jobs Act (IIJA)#Relief Act of 2021
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