Craig Brogan, CPA, Principal at Brogan and Company, LLC, discusses how contractors may be eligible for up to $7000 per employee in credits from the IRS, that’s $7k per employee, per quarter for TY 2021.
The IRS is still issuing payroll credits for companies that were negatively impacted by COVID-19 during tax years 2020 and 2021.
These credits, known as Employee Retention Credits, or ERCs, are still being paid to contractors by IRS check. And it’s not too late to apply. Credits, of up to $5000 per employee per year, may also still be available for TY 2020.
If you’re a contractor that was affected by COVID-19, don’t miss the latest 90-second episode of “Ask the Surety Pro.” You’ll find out what credits are still available, when you can apply, for what tax year(s), and how to apply. Watching this 90-second video could lead to tax credits of tens, or even hundreds, of thousands of dollars.