Employee Retention Credit

Employee Retention Credit

Take advantage of this new COVID-19 employee retention credit while it's available. If your business has been affected by the pandemic you will qualify.
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    What is the Employee Retention Credit?

    The Employee Retention Tax Credit (ERC) is a refundable tax credit designed to reward business owners for retaining employees throughout the COVID-19 pandemic. The Employee Retention Credit is available to both small- and mid-sized businesses. It was signed into law on March 27, 2020, as part of the CARES Act. The bill was significantly expanded in 2021.

    Who Can Claim the Employee Retention Credit?

    Business owners impacted by COVID-19 can claim up to $5,000 in refundable tax credits for each employee on their payroll in 2020 and up to a $7,000 credit per quarter (excluding Q4) for each employee in 2021.

    Get Immediate Help With:

    • If your business operations were impacted or changed during an applicable calendar quarter due to a COVID-19 related government order.

    or

    • For quarters in 2021, If your business revenue dropped by more than 20% compared to the same quarter in 2019 or the immediately preceding quarter.
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    Did you know?

    “Businesses that received PPP loans in 2020 or 2021 can still claim the ERC”

    The Employee Retention Credit is currently one of the largest credits available to business owners, delivering thousands of dollars in credits per employee with qualified wages. A manufacturing company with an annual revenue of $115 million and 246 employees received a credit equal to $1.06 million in Q1 of 2021. A few of their qualifying factors were:

    • 20% drop in quarterly revenue;
    • Numerous projects were canceled or delayed to COVID-related disruptions; and
    • Delayed production timelines caused by supply chain disruptions.

    Call Tax Network USA today for a free no obligation consultation and see if you and your business qualify for The Employee Retention Credit.

    Frequently Asked Questions

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    IRS Fresh Start Program Qualifications

    The IRS Fresh Start tax initiative is generous and inclusive. However, there are some basic requirements to know about. Here’s what it takes to qualify:

    • Self-employed individuals must prove a drop of 25 percent in net income.

     

    • Joint filers can’t earn more than $200,000 annually.

     

    • Single filers can’t earn more than $100,000 annually.

     

    • Your tax balance must fall under $50,000 before the year’s end.

    The underlying requirement is that you must apply for the option you think is appropriate for your situation. The IRS won’t automatically apply the Fresh Start program to your tax debt just because you qualify. The IRS charges interest on tax, penalties, and interest until the balance is paid in full, so it’s crucial to apply or get help as soon as you can.

    Why Would the IRS Reject My New Installment Agreement Request?

    The IRS can reject your Installment Agreement request for the following reasons:

    • Collection Information was inaccurate or incomplete
    • You previously defaulted on an IA
    • You failed to file current tax returns
    • Your necessary living expenses on Form 433 are unreasonable
    What Is the Deadline to Appeal an Installment Agreement Rejection?

    Normally you have 30 days (postmarked) from the date of your rejection to submit a new Installment Agreement request.

    Do I Have to File All Missing Tax Returns First Before Requesting an Installment Agreement?

    Yes, you must file all required returns or extensions (IRS considers you compliant).

    If you have outstanding paperwork, you will not qualify for an Installment Agreement. Before applying, Tax Network USA will make sure that you have filed all requested tax returns and extensions with the IRS.

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