all about the employee retention credit in 2023

How to Claim the Employee Retention Credit 2023

Claiming the ERTC is not a straightforward process, and it requires a deep understanding of the rules and regulations. The best way to maximize your tax credit is to work with experts who have the necessary experience and knowledge to navigate the complexities of ERTC claims.

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Step 1 - Identify Eligibility

If you’re curious about how to claim the Employee Retention Credit in 2023, we’ve got you covered! The process hasn’t changed – but time IS running out.

As detailed on the “Learn How to Qualify” page, a business must successfully pass the “Gross Receipts Test” or the “Government Mandate Test” to be considered eligible for the Employee Retention Credit.

It’s important to note that since the ERTC is a quarterly program, a business owner must meet the requirements of either test on a quarterly basis, not annually. This means that if a business only meets the criteria for the “Gross Receipts Test” during Q1 of 2021, they would only be eligible to claim the Q1 ERTC Credit.

It’s crucial to meet the requirements for each quarter to be eligible for that specific quarter’s credit. 

Learn how to protect your business from ERTC eligibility fraud.

Frequently asked questions about ERTC Credit requirements

Step 2 - Amend The 941x Forms

This phase of the process entails a comprehensive calculation procedure that factors in multiple variables, including qualified employee wages, healthcare premiums, social security tax, and more. Given the complexity of this calculation, along with the various contingencies involved, it’s critical that a licensed CPA handle this task, just like any other tax filing.

It’s important to note that the ERTC is calculated at the quarterly level, rather than annually. As a result, the credit awarded will fluctuate from quarter to quarter, based on the aforementioned variables.

Learn how to ensure your ERTC calculation is protected in the event of an audit.

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Employee Retention Credit

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