The employee retention tax credit is a financial incentive offered by the government to businesses that retain their employees during the COVID-19 pandemic. This credit is designed to help businesses offset the costs of retaining their employees, such as wages and benefits, and to encourage them to keep their workers on payroll.
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To be eligible for the employee retention tax credit, a business must have experienced a decline in gross receipts of at least 50% compared to the same quarter in the previous year. The credit is available for wages paid to employees between March 12, 2020 and January 1, 2021, and is equal to 50% of the qualified wages that the business pays to its employees, up to a maximum of $26,000 per employee. This means that eligible businesses can receive a tax credit of up to $26,000 per employee for wages paid during this period.
In addition to the decline in revenue requirement, there are some other eligibility requirements that businesses must meet in order to claim the employee retention tax credit. These requirements include:
The employee retention tax credit is a valuable resource for businesses that are struggling to keep their employees on payroll during the pandemic. By providing a financial incentive to retain workers, the credit helps businesses to maintain their workforce and to continue to operate and provide services to their customers.
The employee retention tax credit is an incentive offered to businesses by the federal government in response to the COVID-19 pandemic.
To qualify, you must have a decline in revenue while maintaining headcount at your business.
If you’re ready to get started, contact Llama Loan today to see if your business qualifies for this unique tax advantage.