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The Employee Retention Credit ERC continues to offer substantial refundable payroll tax credits to a wide range of firms for eligible wages paid to employees. By submitting an adjusted Form 941X (Quarterly Federal Payroll Tax Return) for the quarters in which the business was an eligible employer, businesses can still qualify for the ERC.

Yes. Churches and other religious organizations that were impacted by government-ordered capacity restrictions on gatherings or that saw large drops in gross receipts are eligible for the Employee Retention Credit.

No, qualifying employers can claim the Employee Retention Credit as a fully refundable tax credit against certain employment taxes. It is not a loan and is not subject to repayment. The refundable credit usually outweighs the payroll taxes paid by most taxpayers during a credit-generating period.

ERC credits are computed using the qualifying salaries given to workers while the employer was in an eligible employer status. The refundable tax credits for the majority of businesses using this scheme far outweigh the payroll taxes paid by the employers. ERC advantages can exceed the sums a business earned in PPP finance.

Taxpayers say they have been waiting for their ERC refunds for anything between 10 and 12 months, and sometimes even longer. According to the IRS, filers shouldn't submit several returns requesting the same refund because doing so will probably lead to even longer delays while the duplicate claims are examined. The notice outlining the backlog also

No. When calculating the ERC, an employer may include wages given to part-time and full-time workers. The employer may only compute the credits on the first $10,000 in salary and health plan expenses paid to each employee during each credit-generating period. This is the only constraint on the calculation of the credits.