Did you operate your business while paying your employees during the pandemic? Your business may be eligible for the Employee Retention Credit (ERC), which could amount to thousands back to grow your business.
The ERC is a refundable tax credit for businesses that continued to pay employees while shut down during the pandemic. Employers can get back up to 70% of qualified payroll taxes for wages paid during the pandemic. That could mean thousands back to reinvest in your business — to hire staff, raise wages, purchase equipment, or upgrade facilities.
The best part? It’s not too late. With amended payroll tax returns, businesses can claim the credit within three years, retroactively, from when they were originally filed.
How Would You Spend Thousands Back in Tax Credits?
Your business may be eligible for ERC if:
- You paid employees between March 12, 2020 and September 30, 2021
- You lost a certain percentage in revenue
- You paid health benefits for your employees
- Your business was subject to a government-forced closure
Don’t Leave Money On The Table.
Reach out to your payroll provider, accountant, or whoever normally files your tax returns to get started. Don’t have a payroll provider? GSB offers comprehensive payroll solutions for businesses all sizes in partnership with local vendors*. Contact us to learn more.
For more information, visit irs.gov/coronavirus/employee-retention-credit.
*Payroll services are offered through independent, non-affiliated third parties.