Employee Retention Credit
JPM has been diligently tracking the ERC and assisting numerous entities evaluate the applicability. Your business could qualify for thousands.
What is the Employee Retention Tax Credit?
The ERC is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees.
What is Considered A Recovery Start Up?
Your business must have average annual gross receipts of no more than $1,000,000 over the three year period including 2018, 2019, and 2020; and you began a new trade or business after February 15th, 2020
How Can I Get My ERC Funds?
The Employee Retention Tax Credits are claimed on your quarterly payroll tax forms (IRS 941). If you didn’t file for it in previous quarters, you can file amended tax returns.
We can maximize your credit for your business!
The ERC is extremely complex and has been updated multiple times by Congress. Furthermore, the Internal Revenue Service has provided limited guidance on the ERC. As such, in considering the applicability of the ERC to your organization, below is a short list of key considerations that must be taken into account in your evaluation and analysis:
- Number of full time employees;
- Owner employees / relatives of owner employees;
- Common ownership rules / other business interests;
- Paycheck Protection Loan Proceeds;
- Full or partial suspension of business activities (understanding these rules and how you may qualify);
- Definitions of revenue (items to be included / excluded);
- Proper documentation to substantiate governmental audit