Why the ERTC Should Be on Every Employer’s Radar

August 24, 2023
Dayes Law Firm

As a business owner, maybe you’ve heard about the Employee Retention Credit, but not known whether or not it’s really worth pursuing. But there are many reasons why the Employee Retention Tax Credit (ERTC) should be on your radar as an employer, not the least of which is because it could result in bringing thousands of dollars into your business. 

All About the ERTC

The ERTC is a refundable tax credit that rewards employers for having kept employees on payroll during the COVID-19 pandemic even in the face of tough economic circumstances. It applies to 2020 and 2021 tax quarters and was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Your business could be eligible to receive an ERTC refund if it suffered losses and faced government restrictions due to the pandemic. If your business experienced fully or partially suspended operations as a result of such restrictions or if it saw a considerable decline in gross receipts between March 2020 and December 2021 as compared to the same quarter in 2019, it may be qualified to claim the tax credit.

There’s still time to claim the Employee Retention Tax Credit. But what is it worth to your business, and why should it be on every employer’s radar?

Maximum ERTC Funds

Businesses that qualify to claim the ERTC can do so retroactively by filing a Form 941X (Quarterly Federal Payroll Tax Return) for past quarters. 

If you are eligible to file an amended 2020 tax return, your business could potentially claim up to $5,000 per employee. If you file for 2021 quarters, you could possibly earn up to $7,000 per employee per quarter, for a total of $21,000 for 2021.

That’s a significant amount of money that any business could definitely use! You could use the money to hire new employees, offer employees that stuck with you through the pandemic bonuses and other incentives, buy badly needed equipment or other supplies, and so much more. 

The Employee Retention Tax Credit should certainly be on your radar as an employer because you’re potentially leaving behind thousands of dollars you and your business are entitled to if you don’t look into the program. The money is there for businesses that qualify to apply for the program – why not claim it?

Assistance with Employee Retention Tax Credit Applications

If you’ve heard that the IRS is cracking down on ERTC applications with errors or that appear to be fraudulent, and you’re worried about applying for the credit and accidentally turning in incorrect or incomplete information, you should know that there are teams that can help you apply for the Employee Retention Tax Credit. 

The team at Dayes Law Firm and our professional partners, for example, can explain to you how ERTC credits work and offer assistance with applying for the credit on behalf of your business. We have already helped several employers with filing for over $250 million in Employee Retention Tax Credit claims so far, and we would love to help you, too. 

If your business qualifies to apply for the ERTC, you are entitled to those funds and have, in a sense, already earned them. You’ve just got to put in an accurate application to receive the money your business deserves. Please contact us to learn more about how our team can help you get it! 

Give us a call or fill out the form on this page to send our team a message 24/7. Your business could seriously benefit from ERTC funds if you are qualified to receive them, and we can help you apply before the program ends. Dayes Law Firm can offer you a free, no-obligation consultation to discuss your Employee Retention Tax credit needs, and we hope to hear from you soon.