The Employee Retention Credit (ERC) is designed to encourage employers whose businesses have been negatively affected by COVID-19 to keep employees on payroll.
The Employee Retention Credit, established by the CARES Act, is a refundable tax credit of up to $5,000 per employee for 2020; the credit can be up to $7,000 per employee per quarter (for Q1 through to Q3) 2021. The ERC is available to businesses and other employers, including nonprofit organizations.
To qualify, your organization must have been adversely affected in one of two ways:
Partner with Eide Bailly to Maximize Your Tax Savings
Eide Bailly has a designated team ready to help you maximize the ERC and its benefits for your organization. Specifically, our Employee Retention Credit team can help you:
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