ERTC eligibility & deadlines New Jersey day care center owners are discussing after accountants said they don’t qualify for ERTC. The government has come up with a brilliant way to help companies retain their employees by offering tax credits, and in this article, we will show you how it works and how it can benefit your business.
But firstly, there is a lot of misinformation and speculation regarding the ERTC filing deadlines.
Here are the end dates for filing for your credits:
The 2020 quarters deadline is April 15th, 2024
The 2021 quarters deadline is April 15th, 2025
“Grab your no-obligation” Claim Your ERC Recovery Guide & FAQs” here.
Many companies have struggled with cash flow and keeping their employees on board. That’s why the government has devised a solution:
Employee Retention Tax Credits.
There’s still a lot of economic uncertainty right now, which means millions of small businesses will struggle this year.
Whether this happens directly because of the economy or their customers’ fears about the economy…
Most small businesses will see revenue growth slow in 2023. And, unfortunately, many companies will be forced to close their doors FOR GOOD.
What are Employee Retention Tax Credits?
These credits are designed to financially support employers affected by the pandemic and struggling to keep their employees. The credits equal 50% of the qualified wages paid to employees, up to a maximum of $10,000 per employee per year.
Eligibility Criteria for Small Business Owners
To be eligible for these credits, your business must meet specific criteria, such as experiencing a full or partial suspension of operations due to government orders or experiencing a significant decline in gross receipts. Other standards also apply.
- Revenue Decline
- Full & Partial Shutdowns
- Customer or Job Site Shutdowns
- Customer Or Vendor Restrictions
- Remote Work Orders
- Group Gathering Limitations
- Capacity Restrictions
- Supply Chain Disturbances
- Travel Restrictions
- Commercial Disruptions
How to Apply Quickly & Easily
Applying for Employee Retention Tax Credits is a simple process, but there are a few things you need to know. First, you’ll need to gather all the necessary information, such as:
- Employer Identification Number (EIN) & business information
- Gross receipts are broken down quarterly.
- Amount of qualified wages you’ve paid to your employees
- W-3 for 2019
- 941s for all quarters of 2020/2021
- PPP loan forgiveness
- Payroll journal for every employee ( ADP, Paychex, etc.…)
- Photo ID
You can enter your claim here once you have all the information ready.
Conclusion
Employee Retention Tax Credits can provide significant financial support to businesses affected by the pandemic. By following these simple steps, you can take advantage of this opportunity and ensure your business’s stability and your employees’ well-being.
We hope this article has helped provide information on how to apply for Employee Retention Tax Credits. If you have any questions or need further assistance, please reach out.
Grab a comprehensive Guide to ERTC & FAQs here and meet ERCK-Bot
