Employee Retention Credit (ERC) For New York Businesses – ERTC New York

Are you a small business owner in New York? Are you aware of the Employee Retention Credit (ERC) program and how it can benefit your business? The ERC, also known as the Employee Retention Tax Credit (ERTC), is a financial relief program designed to help businesses affected by the COVID-19 pandemic. As part of this program, the IRS is offering business owners in New York the opportunity to claim up to $26,000 per employee in tax credits. However, navigating the ERC program can be complex and confusing, as there have been numerous updates and changes over the past two and a half years. To ensure you stay compliant with the latest IRS rules and regulations, it is highly recommended to seek expert help. Companies like ERTC Business specialize in assisting businesses with the ERC program and can guide you through the qualification and calculation process.

The ERC tax refund is based on W-2 payroll and wages paid during 2020 and 2021. To determine eligibility for each quarter, you need to assess whether your business experienced a significant decline in gross receipts or had its operations suspended partially or fully by a governmental order. It is important to note that certain restrictions apply, such as excluding wages used for PPP loan forgiveness and excluding wages of majority owners and related family members. While many companies claim to offer ERC services, it is essential to be cautious and aware of excessive fees. Some companies charge a percentage of your ERC refund, which can be as high as 30%.  Additionally, the term “audit protection” used by some companies does not guarantee immunity from an IRS audit if your ERC claim is flagged. Following the IRS rules and guidelines accurately is crucial to ensure the legitimacy of your claim and provide a solid foundation in the event of an audit.

It is important to emphasize that the Employee Retention Credit is available to companies and small businesses in all 50 states, including New York. Whether you are a start-up or an established business, the ERC program can provide significant financial relief during these challenging times. If you are considering claiming the ERC, it is advisable to seek professional assistance from experts like ERTC Business. They have a track record of helping businesses and can guide you through the ERC process to maximize your refund while keeping you compliant with IRS regulations. Act now and don’t leave money on the table.

The ERC program is available until December 31, 2021, and offers a valuable opportunity for small businesses to receive the financial assistance they need. So don’t miss out on this chance to secure your business’s financial stability. Reach out to ERTC Business to explore how the Employee Retention Credit can benefit your business today. [2]

Are you a car dealership or automotive business, dental or medical office in New York? If so, you may be eligible for the Employee Retention Tax Credit (ERC) program. This program allows qualified employers to claim up to $26,000 per employee for wages paid between March 12, 2020, and January 1, 2021. The ERC is a tax credit subsidy equal to 50% of eligible salary offered to workers who are financially affected by COVID-19.

The state of New York has a large workforce, with over 9 million payroll and W-2 employees. However, the current unemployment rate in the state is 4.50%, which means that around 423,819 employees are either laid off or unemployed. Many small business owners in New York are unaware or confused about the ERC program and how to claim these tax credits for their business.

To qualify for the ERC, your business must have been financially affected by COVID-19. This includes experiencing a partial or total stoppage of trade or activities due to government instructions, such as bans on commerce, travel, or group gatherings. You may also qualify if your business has seen a significant drop in gross receipts. For example, if your gross receipts in the first quarter of 2020 are less than half of what they were in the same quarter of the previous year, you may be eligible for the credit.

The amount of the ERC is calculated based on eligible wages, including qualified health plan expenses, up to $10,000 per employee. The credit is equal to 50% of these eligible wages. This means that if you meet the eligibility criteria for the ERC, you can claim up to $5,000 per employee for wages paid in 2020. For wages paid in 2021, the credit increased to 70% of eligible wages, allowing you to claim up to $7,000 per employee per quarter.

It’s important to note that if your business has received a Paycheck Protection Program (PPP) loan, you may still qualify. Using the ERTC calculator will give you an idea of how much you may qualify to receive. Additionally, the ERC is available to both for-profit and non-profit businesses.

Claiming the ERC can provide significant financial relief for your business during these challenging times. However, navigating the ERC program can be complex and confusing. It’s recommended to seek professional assistance to ensure compliance with IRS rules and regulations and to maximize the value of the credit.

In conclusion, as a  business in New York, you may be eligible for the Employee Retention Tax Credit program. By claiming this credit, you can receive a refund of up to $26,000 per employee for wages paid in 2020 and 2021. Professional assistance can help you navigate the program and ensure you receive the full benefits you qualify for. [1][2]

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