The federal government has traditionally placed the highest priority on stimulating growth, development and competitiveness. In contrast, the federal government has placed low priority on helping small business, which is often the largest and most successful employer in any given community. Even as the government was looking for new sources of revenue and attempting to…
ERC Program – Introduction ERC stands for Employee Retention Credit Program. The ERC was a federal program created in March 2020 under the CARAR+1.7%ES Act. It is a refundable payroll tax credit. The ERC program was designed to encourage businesses to keep their employees on payroll during the pandemic and to provide businesses with payroll…
What Exactly ERC Program Is? Employee Retention Credit Program is a payroll tax credit program that provides employers of eligible employees with a refundable tax credit of up to $3,000 for wages paid during the period in which the ERC was in effect. Qualifying employees may be current or former employees who worked at least…
What Exactly is ERC? ERC stands for Employee Retention Credit. The ERC works by providing a refundable tax credit. Since it is a payroll tax credit, you can claim it on your personal income tax return and receive a refund. ERC is not dependent on the reason for a person to leave the job and…
Employee Retention Credit(ERC) Program – Introduction The Employee Retention Credit(ERC) Program allows eligible employers to reduce their payroll taxes by a percentage of the wages paid to employees. The ERC starts to phase out when the employee’s average annual pay equals $15,000. The ERC Program takes into account both the gross income and the total…
A Creditable plan is a financial plan that has been created to meet the needs of an employee, when they quit a company or are terminated, they have options for recouping their salary. An ERC (Employee Retention Credit) Plan offers that option. This plan would allow an employee to withdraw the funds contributed to the…
