Small and medium-sized businesses are now eligible to get an Employee Retention Income Tax Refund Credit of up to $26,000 per W2 employee. This program is the IRS tax credit designed for companies and nonprofits that closed or limited operations during the COVID-19 pandemic of 2020 or 2021. This government rescue plan through tax benefits also aims to give small and medium-sized businesses the opportunity to retain their employees during the COVID-19 pandemic and replace revenue that declined during the pandemic period.

To learn more detailed information about the program, please visit https://bit.ly/freetaxmoney.

A company with up to 500 employees and sub-company separate legal entities are eligible to receive credit refunds for payroll costs already spent on their business operation during the COVID-19 pandemic. With this ERTC program, a company can retroactively get credit that will be helpful to compensate for losses during the pandemic.

CHECK OUT the video explanation. Visit https://bit.ly/freetaxmoneyvideo for more information.

With the Employment Retention Credits (ERC) available through the end of this year, employers can get a rebate of up to $26,000 per eligible W2 employee. This special credit is designed to encourage companies that have steeply increased their headcount over the past few years to keep them on staff, offsetting their rising payroll costs.

The ERC is now available for the fourth quarter of 2021. The maximum tax credit amount has been increased to $7,000 per employee per quarter, and the qualifying business interruption rate has been reduced so that a 20% reduction in gross receipts over one quarter will qualify the business for a maximum benefit of $28,000 for the entire year.

In addition, businesses that take out PPP loans in 2020 can still come back and claim ERC, but they cannot use the same wages to apply for PPP loan forgiveness and to calculate ERC. If your business has payroll costs that exceed the amount covered by your PPP loan, you may be able to claim a tax credit for those additional payroll costs. Or if your company is eligible for the ERC for 2020 but has yet to claim it, you can file amended payroll tax forms to claim the credit and receive a tax refund. For more information, and get up to $26,000 per W2 employee through the ERC Tax Credit today, please visit https://bit.ly/freetaxmoney.

TERRY L. COOK, SBS-LLC, WEST-COAST USA.