ERC Tax Credit

ERC Supply Chain Issues

The Employee Retention Credit (ERC) program is a tax credit designed to help businesses keep their employees on payroll during the COVID-19 pandemic. The ERC is available to businesses that have experienced a significant decline in revenue or that have

American Final Tax at North Tampa Bay Chamber

We are happy to announce that, American Financial Tax is now proud member of North Tampa Bay Chamber.

What are the biggest employee retention challenges in 2023?

Employee retention is a critical issue for companies of all sizes and in all industries. In 2023 and beyond, there are several key challenges that companies may face in trying to retain their top talent. One of the biggest challenges

How long does it take to get Employee Retention Credit

Delayed processing times for ERC Processing times for the Employee Retention Credit are averaging several months per amended 941x return. Depending on how quickly the amended return is processed and how accurate the information provided by the employer is, it

How to check the status of your company’s employee retention credit

To check the status of your Employee Retention Credit, you can contact the IRS by calling the amended returns helpline at 800-829-4933. Specialists can provide assistance to your individual case. That being said, there is relatively little you can do

Does Employee Retention Credit Reduce QBI Wages?

No, the Employee Retention Credit does not reduce QBI wages. The ERC does not impact business income for purposes of calculating QBI. The ERC does provide an incentive for employers to keep employees on the payroll, or quickly rehire those

Are Employee Retention Credits Taxable?

Is the ERC taxable income? For employers, the ERC is considered a refundable tax credit and can be used to offset their employment taxes. The amount of the credit is dependent on how much eligible wages were paid out to

What are qualified wages for the employee retention credit?

Qualifying wages for the ERC have been modified a few times during amendments to the program. Qualified wages are what is used to calculate your eligibility for the Employee Retention Credit. It is important to understand what constitutes qualified wages

How does the Employee Retention Credit Affect My Tax Return?

Is the ERC taxable income? While the Employee Retention Credit is not taxable income (see Internal Revenue Code § 280C), you will need to account for the credit on your quarterly 941, the Employer’s Quarterly Federal Tax Return. The credit

Who qualifies for the employee retention tax credit?

The employee retention tax credit is available to employers who were operating in business as of February 15, 2020, fully or partially suspended operations or were forced to reduce hours of operations to comply with government orders, and experienced a

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