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Forums Creative Community Conversations Hey!! Did you guys take the ERC credit?

  • Hey!! Did you guys take the ERC credit?

  • Larry Potter

    December 18, 2022 at 8:02 pm

    Yes, no or what the heck is ERC?

     

  • Larry Potter

    January 1, 2023 at 3:01 pm

    As for the ERC, employees who receive a W-2 are paid through their employer’s payroll and have their payroll taxes withheld throughout the year. Now, the ERC tax credit ( $26,000 per W2 employee ) is applied against employment taxes for the business, offsetting most if not all liability in employment tax. What happens if your credit is more than you owe in employment taxes? The IRS sends you a check back for the difference!

     

    Note: The ERC was made available under section 3134 of the Internal Revenue Code (Code), enacted by section 9651 of the American Rescue Plan Act of 2021 (the ARP)

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