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The Employee Retention Credit (ERC) is a refundable tax credit for businesses that continued to pay employees while shut down due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020 to Dec. 31, 2021. Eligible employers can claim the ERC on an original or adjusted employment tax return for a period within those dates. Only recovery startup businesses are eligible for the ERC in the fourth quarter of 2021.
IRS guidance about the ERC is complex in application. What is clear is that a full ERC analysis should not be completed without a full PPP forgiveness assessment. This is not a small effort, for many entrepreneurs the relief may be substantial so the ROI will be worthwhile. It is key to evaluate each service provider to understand fully the nature of the service they are providing and whether they take a comprehensive approach to maximize ERC credits. This is not a time to leave money on the table.
Ceterus is prepared to assist after carefully reviewing all the guidance and the regulatory framework related to this program.
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