EMPLOYEE RETENTION TAX CREDIT
The ERTC (Employee retention credit) is a refundable payroll tax credit designed to help businesses impacted by COVID-19, retain their employees. It was signed into law on March 27, 2020, as part of the CARES Act. The bill was significantly expanded in 2021.
The ERTC is a refundable credit that businesses can claim on qualified wages, including certain health insurance costs, paid to employees.
What employers qualify for the employee retention credit?
- Your company faced a reduction in gross receipts.
- You were subject to a government ordered mandate which forced your business to reduce operations.
- A Recovery Startup Business is also eligible for ERC
- Began operations after February 15, 2020 and Average annual gross receipts do not exceed $1 million
How do we help your organisation?
DATA ANALYTICS
The ERC calculation and documentation process provided by us is designed to maximize the credit while fully validating the adherence to statutory requirements and recommended record keeping, resulting in a comprehensive, audit-ready deliverable.
ERC EXPERTS
Our experts employ a centralized, technology-enabled process with built-in quality control processes. The process prioritizes efficiency and quality, with the goal of providing the most comprehensive deliverable while minimizing the impact to the client’s business operations.
AUDIT READY
We provide a complete, audit-ready deliverable covering the calculated tax credit. The deliverable is designed to respond to all statutory and applicable regulatory requirements regarding the claim. Audits of the tax credit claims follow a three-year rolling quarterly statute of limitations.
Benefits of ERTC
The maximum payroll tax credit under the ERC program is:
- Tax year 2020: $5,000 per employee per annum (50 percent of the first $10,000 of eligible wages)
- Q1, Q2 and Q3 of 2021: $7,000 per employee per quarter, which translates into a maximum credit of $21,000 per employee for 2021 (70 percent of the first $10,000 of eligible wages per quarter, per employee, assuming a business qualifies for the first three quarters of 2021)
Why choose The Mavericks Consulting?
- Certification granted by highly experienced CPA, CISA, GDPR experts
- Clearly structured report
- Tested Methodology
- Constant upgradation of your sector
