The ERTC tax credit qualification has been extended till November 2024. This extension comes as a great relief to many businesses who could use the funds to stimulate their business or whatever they choose to use it for. There are no stipulations on the credit and can be used however they choose.
The Employee Retention Tax Credit (ERTC), which is available to employers affected by the Coronavirus pandemic in 2022, allows employers to recover up to 50% of their wages. For wages paid from March 13, 2020, through the end of the third quarter of 2021, the maximum amount is $26,000 per W-2 employee.
The employer must have either experienced a full or partial interruption of operation as a result of a government action related to COVID-19 or have experienced a drop in gross receipts (compared to the same quarter the previous year).
To find out if a business is eligible for tax credit, use the ERTC Eligibility Calculator. The calculator will quickly and accurately tell you if your business is eligible for a credit. The calculator can be accessed on the Federal Tax Credits website.
In November 2022, small to medium sized US businesses can still apply for ERTC Tax Credits through FederalTaxCredits.org. ERTC tax credits are available to most businesses with fewer than 500 employees. Some examples include manufacturing, health clubs and gyms, health care facilities, restaurants, engineering companies, hotels, etc.
We adhere strictly to the rules so your calculations are IRS compliant. There are thousands of businesses that have received back tens of thousands if not millions of dollars. And no loans like PPP are involved. The refund will be sent to you in the largest amount possible. You have nothing to pay back.