EMPLOYEE RETENTION CREDIT
A STIMULUS FOR YOUR BUSINESS
The Employee Retention Credit (ERC) is a tax credit available for small business owners, LLC’s, S-Corps or 1099 employees. Think of it as a stimulus for your business, designed to support those impacted by the pandemic.
COS Accounting & Tax implements excellent services in ERC. We pride ourselves as one of the top Accounting Firms in Utah county who provides ERC services.
BENEFITS OF THE ERC
HOW MUCH CAN I CLAIM?
This is how much you can claim PER EMPLOYEE as long as you qualify:
The ERC will put thousands of guaranteed dollars in your pocket
The ERC will expire on December 31st, 2021.
Are the funds limited (like PPP)?
No, any small business can receive the funds, but you have to apply before December 31st.
How much is the credit?
The credit is worth up to $5,000 per employee for 2020, and $7,000 per employee for each quarter of 2021. As long as you still qualify, you can claim it all year.
How long does it take to receive the funds?
Right now, it typically takes 4-8 months for the money to arrive in your account.
Can I get the ERC if I got
the PPP loan?
Yes! The new stimulus package allows any business that claimed the PPP to also claim the ERC.
Is the ERC a loan?
The ERC is NOT a loan. It is a tax credit, meaning you don’t need to pay it back or track your spending.
What Information do you need from me?
We ask questions to understand your business better, things like how coronavirus impacted your business, if you have received unemployment or PPP funds, and if you are married or have kids. All of this is to maximize your earning potential from the ERC.
Schedule a call with an accountant to get all your questions answered.
HAVE MORE QUESTIONS?
Schedule a call with a tax expert who will help you understand the ERC Tax Credit, answer your questions, and help you qualify.