The ERTC is a refundable payroll tax credit for salaries paid by an employer whose company is totally or partially suspended due to an order related to COVID-19 or who is experiencing a decrease of at least 10 percent in gross income compared to it. calendar quarter of the previous year. To date, we have worked with more than 100 banks and other employers in their efforts to obtain an ERC. While the Internal Revenue Service (the “IRS”) has not denied any of these parties the receipt of the tax credit, in the vast majority of cases, customers have not yet received the funds.
Before receiving the credit, employers can choose to withhold the value of employment taxes up to the amount of the ERTC, instead of depositing it, without penalty.
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