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Frequently Asked Questions

Who can claim the employee retention credit?

There is no employee retention credit application. However, employers can claim the credit on their federal employment tax returns. This usually means claiming the credits on Form 941. This is the Employer’s Quarterly Federal Tax Return form. Employers can amend these forms if they find out later that they qualify for the tax credit.

Do you qualify for the employee retention credit?

Wages/compensation, in general, that are subject to FICA taxes, as well as qualified health expenses qualify when calculating the employee retention credit. These must have been paid after March 12, 2020 and qualify for the credit if paid through June 30, 2021.

Can you still apply for the employee retention tax credit?

You can still apply for the Employee Retention Tax Credit. The ERC expired in 2021 but the benefits extend through 2024. If your startup or small business lost revenue because of COVID-19, you may still qualify for the Employee Retention Tax Credit (or ERC), one of the largest tax credits available to business owners under the CARES Act. Nearly 70% of small and medium businesses qualify for the ERC due to loss of revenue or because their business (or supplier) was impacted by a government ...

Where does the employee retention credit hit the tax return?

If an Eligible Employer uses a CPEO or a 3504 agent to report its federal employment taxes on an aggregate Form 941, the CPEO or 3504 agent will report the Employee Retention Credit on its aggregate Form 941 and Schedule R, Allocation Schedule for Aggregate Form 941 Filers, that it already files.

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