Whittlesey Joins CBIA to Discuss Capitalizing on Employee Retention Tax Credits
Excerpt from article originally posted on CBIA
The Employee Retention Credit is one of the most significant tax credits available to businesses and nonprofit organizations in years.
The ERC is a federal program (part of the CARES Act) designed to reward companies and organizations for retaining employees throughout the pandemic.
Employers impacted by COVID-19 can receive up to $26,000 of tax refunds for each employee.
Unlike traditional tax credits, this refundable credit is equal to cash. Eligible employers can receive thousands and sometimes millions of dollars in refunds.
The ERC can be a complex program and has evolved since the credit was introduced. Below is a list of frequently asked questions and answers.
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