Answers to Frequently Asked ERC Questions
- What exactly is the Employee Retention Tax Credit?
The Employee Retention Credit (ERC) also known as Employee Retention Tax Credit (ERTC) is a program that was established as part of the CARES Act in March 2020. It provides a refundable... - What dates does the ERC program cover?
The ERC (Employee Retention Credit) program, which started on March 13th, 2020, is open to eligible employers and will continue until September 30th, 2021. Applications for refunds for 2020 and... - Do I still qualify if we remained open during the pandemic?
Yes. In order to qualify for the Employee Retention Credit (ERC) program, your business must meet at least one of the following criteria: Experiencing a decline in gross receipts by... - Can I qualify for the ERC if I’m self-employed?
Self-employed individuals are not able to receive the Employee Retention Credit for their own self-employment income. However, if a self-employed individual hires employees for their business and meets the qualifications... - Is the ERC credit taxable income?
The ERC credit is not to be considered taxable income for federal income tax purposes. The ERC itself is not taxable income. As an employer, if you receive the ERC,... - How do I check the status of my ERC claim?
To check the status of your ERC claim, you should contact the IRS directly. You can call the IRS helpline at (800) 829-4933. Have your employer ID number, Social Security...