Home » Employee Retention Credit Applications

Employee Retention Credit Applications

1 min read

What is it

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer’s employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.

How much is it

For each employee, wages (including certain health plan costs) up to $10,000 can be counted to determine the amount of the 50% credit. Because this credit can apply to wages already paid after March 12, 2020, many struggling employers can get access to this credit by reducing upcoming deposits.

What you need to do

Contact your payroll provider, they should be able to process this and may have even already started. But make sure by calling them.

Sales Tax Solutions and Consulting has over 22 years of experience in the sales tax field, and has helped its clients save millions of dollars in audit assessments. In addition, we’ve helped businesses by recovering millions of dollars in over payed taxes.

We regularly conduct sales tax training, seminars and workshops. These workshops focus on specific types of businesses or individuals within an organization, in order to present the most specific, relevant, and useful content possible. We can also put together a custom training class specifically for your company and industry either at your office or our training location.