Employee Retention Credit 2024

Introduction to Employee Retention Credit (ERC) Employee Retention Credit, also known as ERC, is a tax credit introduced by the IRS to support businesses and employers who keep their employees on payroll during challenging economic times. It was initially established in response to the COVID-19 pandemic but has been extended and expanded through legislative changes. So, how does ERC work? Essentially, if your business qualifies for ERC, you can claim a credit against certain employment taxes based on wages paid to eligible employees. This credit can significantly reduce your overall tax liability or even result in a refund. Eligibility for ERC depends on various factors such as revenue decline or experiencing full or partial suspension of operations due to government orders. The criteria have evolved over time with specific changes being implemented for 2024. These recent modifications have made it easier than ever for employers to qualify and take advantage of this valuable tax incentive. Whether you're an eligible employer who previously didn't qualify or simply need more information about these updates, we've got you covered! Stay tuned as we delve into the eligibility requirements and highlight key changes that could make a significant impact on your bottom line. Don't miss out on maximizing your savings potential through Employee Retention Credit filing in 2024!