E. J. Saad Law Firm, PC
Main Office: 26211 Equity Drive, Suite B | Daphne | AL | 36526
Phone: 251-660-0888 |
Website: https://ejsaadlawerc.com
Biggest office
Daphne
Overview
The Employee Retention Credit (ERC) is a refundable tax credit against certain employment taxes and qualified wages an eligible employer pays to employees between March 12, 2020, and September 30, 2021. The credit was authorized as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) as a way to encourage companies to keep employees on the payroll by making it a little easier for them to do so.
The 2020 ERC program offers a refundable tax credit of up to $5,000 per employee in 2020. For 2021, the program has increased to 70% of up to $10,000 in wages paid per employee per quarter for the first, second and third quarters, which totals up to $26,000 per employee.
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