I am writing about a significant opportunity for your business to qualify for the Employee Retention Credit (ERC). 

As we are in 2023, you still have the chance to qualify for the ERC for the 2020 and 2021 calendar years and potentially recover a substantial amount of money.

The ERC is a refundable tax credit against certain employment taxes. To claim this credit, you must amend your 2020 and 2021 payroll tax returns, which could seem cumbersome but is well worth it considering the financial upside. For a business with a dozen employees and meeting the qualifications for maximum tax credits, you could be looking at a total of $312,000.

There are two primary routes for qualifying for the ERC:

A decline in gross receipts. The most straightforward route to the ERC is a decline in your gross receipts during 2020 and 2021. COVID-19 did not have to be the cause of the decrease in gross receipts.

Government order causing more than a nominal effect. If a government order caused your business to fully or partially shut down, you might qualify for the ERC for the wages paid during the shutdown period.

The deadline to claim the ERC for 2020 – April 15, 2024 – is just a little over 10 months away. I strongly recommend that you act promptly to maximize your potential benefits from this program.

We are ready to assist you with amending your payroll tax returns and ensuring your business qualifies for maximum benefits. If you want to pursue this tax credit, please reach out to us at hello@agfintax.com.