Employee Retention Credit - The Fuel for your business!

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What is ERC?

We've all had a struggle with COVID-19. The economy abruptly stopped as the world shut down, putting the futures of many businesses at risk. As we revert to normality, many government initiatives are facilitating the business to concentrate on recovering. The Employee Retention Credit, also known as the ERC, is one such initiative ...

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Why Canvastax for ERC?

Easy Process: Everything will be handled by our expert team. All we need is some information from you.

Maximum Funds: We assess your claim thoroughly and ensure that you would get maximum credit.

Expert Assistance: Even though our approach is quick and simple, if you have any issues, our dedicated team of ERC experts will assist you and clear all your doubts ...

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Smarter Analysis

Our ERC experts team will smartly analyze your claims & maximize your ERC.

Faster Money

Get your ERC at lightning speed within a period of 8 to 10 weeks.

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ERC Qualifications

During the pandemic, Businesses that have experienced a considerable decline in gross receipts or whose operations are partially or fully suspended due to government orders are eligible for ERC. For the years 2020 and 2021, the eligibility criteria for ERC may vary.

ERC Qualifications for 2020:

Suppose you are an employer willing to claim the RC for the year 2020. In that case, your business must have experienced either partial or complete suspension of the operations in your business due to government orders or a notable drop in gross receipts of more than 50% from the same quarter the previous year ...

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Frequently Asked Questions

If you are an employer who experiences a loss in revenue for any applicable quarter in 2020–2021, or if you are subject to a complete or partial suspension of your business as a result of government orders during the pandemic.

For 2020 and 2021, the revenue decline test is different. In comparison to the same quarter in 2019, the revenue reduction for 2020 must be 50%. Any quarter's revenue decline in 2021 must be 20% lower than it was in the same quarter in 2019.

You would get maximum credit upto $26,000 per employee. The ERC per employee for the period of March through December 2020 is $10,000. The ERC for the period of January to September 2021 is $7000 for each employee, per quarter.

The employee retention Credit is a completely refundable tax credit for the employers equivalent to 50% of the salaries paid to the employees by the employers. So you need not payback the employee retention credit.

For all the quarters in 2020, the deadline to claim ERC is April 15, 2024, and for all quarters in 2021, the deadline to claim ERC is April 15, 2025.

If you are an employer who has claimed for the ERC refund, you can expect to receive it within 8 to 10 weeks.

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