Employee Retention Tax Credit
and
The Childcare Center Industry
Your childcare center could be eligible for the Employee Retention Tax credit from the IRS. We want to help find out if are.
What is the Employee Retention Tax Credit?
The Employee Retention Tax Credit is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees.
Did You Know...
- For 2020, the credit can be claimed against 50 percent of qualified wages, up to $10,000 in wages per employee, paid between March 13th and Dec. 31st, 2020. The maximum ERC is $5,000 per employee, annually in 2020.
- For 2021, the credit can be claimed against 70 percent of qualified wages, up to $10,000 in wages per employee, paid between January 1st and Dec. 31st The maximum ERC is $7,000 per employee, quarterly in 2021
Still have questions?
We rounded up some of the most frequently asked questions concerning the Employee Retention Tax credit and answered them in this video.
Still have questions? Schedule a meeting with us so we can help answer these for you.