The employee retention credit (ERC) was created in response to the COVID-19 pandemic and resulting economic shutdown. The ERC was designed as a refundable tax credit to encourage employers to keep employees on their payroll.
While the ERC is an opportunity to consider for businesses, the eligibility rules and calculation of the credit are complex with significant consequences if done improperly. Many firms and consultants are available to help with applying for ERC claims but businesses should be informed on