Employee retention is one of the most critical issues facing businesses today. With high turnover rates leading to significant costs and a decrease in productivity, it’s more important than ever for companies to focus on retaining their top talent.
Employee retention is the ability of a company to retain its employees over a long period of time. It’s an important issue for businesses of all sizes, as high turnover rates can result in a range of negative consequences, including increased recruitment costs, decreased productivity, and lower morale among remaining employees.
One solution to this challenge is the Employee Retention Credit (ERC), a tax credit available to employers as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In this article, we’ll explore the importance of employee retention, the benefits of the ERC, and strategies for keeping your team happy and productive.
What is Employee Retention Credit (ERC)?
The Employee Retention Credit is a tax credit that’s available to employers as part of the CARES Act. It’s designed to help businesses retain their employees during the COVID-19 pandemic. Employers who are eligible for the credit can receive a credit of up to $26,000 per employee, per year, for wages paid between 2020, and 2021.
What types of businesses can claim ERC?
Any business can claim the Employee Retention Credit (ERC), as long as they meet the eligibility criteria set by the Internal Revenue Service (IRS). The ERC is a tax credit for employers who retain their employees and pay them wages during certain periods, typically when their business has been impacted by events such as a decline in gross receipts, or the COVID-19 pandemic. To claim the credit, businesses must meet certain requirements, including having a decline in gross receipts, paying eligible wages, and meeting other requirements outlined by the IRS.
What are the deadlines for submitting ERC CLAIMS ?
For 2020 it is April 15th, 2024 and for 2021 it is April 15th 2025
TO Claim ERC now use one of the resources below
https://davidallencapital.com/global90
https://ercfilenow.com/globalninety
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