Payroll Companies vs. Employers: Who is Liable for Errors when Filing for the ERC?
Did you know that as an business owner you are liable for all ERC calculations…even if you use a payroll company? You should also know that process for calculating ERC’s can be risky for anyone who doesn’t know how to navigate the IRS. Learn more here: https://www.opcteam.com/blog/payroll-companies-vs-employers-who-is-liable-for-errors-when-filing-for-the-erc
Take Advantage of the Employee Retention Credit (ERC)
Hello Business Owners! Are you taking advantage of the Employee Retention Credit (ERC)? The ERC is a refund for money paid out to payroll taxes during 2021 and 2022. It’s another (less advertised) disbursement that was issued by the IRS. And many businesses like you qualify. Business owners can get back up to $5,000 per employee in 2020 and up to $7,000 per employee for each quarter of 2021. That means if an employer with 10 employees qualifies during 2 quarters they can get back up to $140,000. We know what you’re thinking, why doesn’t every business know about the ERC?! Our thoughts exactly.
4 Tips to Improve Your Bookkeeping this Year
4 Tips To Improve Your Bookkeeping In the New Year
Free Workshop: PPP Loan Forgiveness, Work share, & Tools for Managing Employees
Many small businesses have heard of the PPP Loan Program. The CARES Act established this temporary program, along with several others, for retaining employees by expanding the traditional SBA 7(a) loan program. The loan will be fully forgiven if the funds are used for payroll costs and other misc costs according to the SBA.gov guidelines.
Paycheck Protection Program (PPP Loan)
Many small businesses are familiar with or have heard of the PPP Loan Program. The CARES Act established this temporary program, along with several others, for retaining employees by expanding the traditional SBA 7(a) loan program. The loan will be fully forgiven if the funds are used for payroll costs and other misc costs according to the SBA.gov guidelines. These requirements are changing constantly, please see link below for additional information and a complete listing of guidelines and requirements.