What documentation is needed for the Employee Retention Credit (ERC)?

Samantha Todd | Involved with an organization that helps businesses get ERC rebates that were affected by COVID-19.

So, you have filled out the form, which is the initial step in the process of acquiring your tax credit in helping you in your business endeavors.

If you haven't yet fill out the form. Here it is.

The next step, to receive your tax credit with minimum delay is submitting the required documentation and paperwork to get your tax credit inadequate time.

Employee Retention Credit for eligible employers must report their qualified wages and health insurance costs on their quarterly employment tax returns, which is Form 941 for most employers beginning in the second quarter.

An employer must keep records necessary to claim the credit, and these are your required documentation:?

?Proof of your eligibility with Form 941 in Quarter 2 in 2020 through Quarter 3 in 2021.

?Your PPP loan # 1 and #2 forgiveness application

?Your?Payroll Journals from March 2020 to October 2021

Our accounting firm?may request other documentation to calculate your claim effectively on the number of qualified wages and allocable health plan expenses, a list of each employee's total compensation, any other information required by the form and?instructions, or other guidance.

This information must be retained until you are able to get your claim processed for you to receive your tax credit relief.

The IRS has issued instructions for Form 941 or any other forms necessary documents?to claim your credit. However, we believe that eligible employers can begin calculating the credit now so they are in a position to claim it once they have the required forms.

Employers should keep track of all documentation necessary to substantiate their claims for the credit and prepare their systems to properly track qualified wages and health insurance costs for all employees because of this requirement.

Obtaining and collecting your documentation and paperwork is simply by connecting with your accounting/ CPA/ Bookkeeper/ payroll department and communicating to them the requested documentation.

Once you have received all of your necessary documentation, simply upload it to the portal that our accounting firm instructed you.

Easy, Peasy!

Remember, the sooner you submit your documentation the faster you get your tax rebate relief which can total up to $26,000 per W-2 employee!

Act fast in obtaining your tax credit here before it is too late and the funds run out.

Remember this relief is yours to keep and you don't ever have to pay it back.

Here are what businesses are saying

Don’t wait any longer especially if your business is still straining to stay afloat.

Fill out 10 simple questions and our ERC specialized accounting firm will reach out to you on your next step.

Go for it and get what you deserve for remaining operational during the pandemic days and finally get the de to run your businesses efficiently with ease.

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