The Employee Retention Credit (ERC) – sometimes called the Employee Retention Tax Credit or ERTC – is a refundable tax credit for businesses and tax-exempt organizations.
The requirements are different depending on the time period for which you claim the credit. The ERC is not available to individuals.
The Employee Retention Credit (ERC) – sometimes called the Employee Retention Tax Credit or ERTC – is a refundable tax credit for businesses and tax-exempt organizations.
The requirements are different depending on the time period for which you claim the credit. The ERC is not available to individuals.
The Employee Retention Credit (ERC) – sometimes called the Employee Retention Tax Credit or ERTC – is a refundable tax credit for businesses and tax-exempt organizations.
The requirements are different depending on the time period for which you claim the credit. The ERC is not available to individuals.
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Madison Brothers
Is committed to exceptional client service provided by trusted advisors. We endeavor to give peace of mind to our clients by offering solutions for ever changing business challenges. The firm is led by Nicole M. Durio, CPA. She has more than 30 years of experience in accounting, finance and treasury. Her business acumen has allowed the consulting practice to flourish during the pandemic. Madison Brothers provides value added consulting services to its clients. Most recently, the firm facilitated the claims for the employee retention credit (ERC) that was enacted under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This Act allows most business owners with 500 or less full-time employees to claim a credit of up to $26,000 per employee. Clients of Madison Brothers Consulting Groups have received ERC credits that average more than $525,000 per business entity.
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Qualified as a recovery startup business for the third or fourth quarters of 2021
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Qualified as a recovery startup business for the third or fourth quarters of 2021
The credit is available to eligible employers that paid qualified wages to some or all employees after March 12, 2020, and before January 1, 2022. Eligibility and credit amount vary depending on when the business impacts occurred. The ERC is not available to individuals.
Generally, businesses and tax-exempt organizations that qualify are those that:
Were shut down by a government order due to the COVID-19 pandemic during 2020 or the first three calendar quarters of 2021
Experienced the required decline in gross receipts during the eligibility periods during 2020 or the first three calendar quarters of 2021
Qualified as a recovery startup business for the third or fourth quarters of 2021
Unsolicited ads, calls, emails or texts from someone you don't know.
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Unsolicited ads, calls, emails or texts from someone you don't know.
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Employers should be wary of ERC advertisements that advise them to "apply" for money by claiming the ERC when they may not qualify. Anyone who improperly claims the credit has to pay it back and may owe penalties and interest. The only way to claim the ERC is on a federal employment tax return.
The ads are all over radio, TV and social media. You may even get ads that look like official government letters, or texts, emails and phone calls advertising ERC eligibility.
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