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The Employee Retention Credit (ERC) is a refundable tax credit. It was available to eligible employers who provided eligible compensation to employees between March 12, 2020, and January 1, 2022. The credit was aimed at helping businesses keep staff employed during the COVID-19 pandemic.
In 2020, Congress established the Employee Retention Tax Credit (ERTC) to cushion businesses against the effects of the COVID-19 pandemic. The goal of the tax credit was to help struggling companies maintain employees. They could use the refundable credit as a tax deduction for certain expenses. It covered business disruptions in 2021 and has been extended.
The National Archives and Records Administration (NARA) always reminds everyone to keep accurate tax records. Complete financial records can help make tax season easier.
The Employee Retention Tax Credit (ERTC) program was created to encourage businesses to retain employees on the payroll. Set up during the coronavirus pandemic, it allows businesses to access credit to continue paying wages to eligible employees. Since 2020, the refundable credit has allowed companies to remain open and keep their employees on the payroll.