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Let’s us help answer any question you have relating to ERTC Las Vegas claims and refunds. You’ve taken care of your employees during the pandemic. Now let’s take care of your business with an Employee Retention credit refund.
Employee Retention Credit Questions
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FAQ
Here are some answers to Frequently Asked Questions.
I thought the ERTC tax credit was only available in 2020?
The American Rescue Plan extended the ERTC to the end of 2021 (now ending September 30, 2021, with the passing of the Infrastructure Investment and Jobs Act). For 2021, eligible employers can get a credit equal to 70 percent of qualifying wages per quarter. The maximum credit per quarter is $7,000 per employee.
What is employee retention tax credit qualified wages?
According to the ERTC, qualified wages are the wages, and compensation employers pay to their employees during the specified time frame. Therefore, to be eligible for an employee retention tax claim, your employees should have received qualified wages throughout the calendar year. If your company provided employee health insurance, that is included with the qualified wages.
Am I still eligible for the ERTC if I applied for an additional tax credit or received a PPP loan?
Yes, you will be eligible. As of December 2020, the Consolidated Appropriations Act (CAA) made a provision that allows businesses that took out PPP loans to qualify. However, your number of qualified wages depends on your PPP loan forgiveness application.
How much will I get from claiming the ERTC tax incentive?
Your company may be eligible for up to $26,000 per employee.
If you are making an ERTC claim for the year 2020, you can receive 50% of the qualified wages of your full-time workers quarterly. Total wages considered are capped in 2020 at $10,000 per employee. Therefore, the highest credit you will receive per employee is $5,000.
For the year 2021, you can receive 70% of the qualified wages of your full-time workers quarterly for Quarter 1, Quarter 2, and Quarter 3. Total wages considered are capped in 2021 at $10,000 per employee per quarter. The maximum possible credit you can receive for each employee is $7,000 per quarter, amounting to $21,000 per employee for the year’s first three quarters.
How long will it take for me to receive my employee retention tax credit?
That depends on the IRS backlog, and at present, the minimum expected wait time to receive your ERTC credit disbursement from the IRS is 9 months. Please note that due to the complexity of our processes and the critical nature to ensure absolute accuracy it will take approximately 3-6 weeks to complete your ERTC filing. We also now offer a Rapid Refund option, get your funds in under 30 days!
Do I have to pay back the employee retention credit I receive?
Nope. The employee retention tax credit is not a loan. Therefore, you do not have to pay it back. You can use the funds received for anything you like.