Employee Retention Tax Credit (ERTC)

The Employee Retention Tax Credit (ERTC) is part of the December 27, 2020 Supplemental COVID-19 relief bill signed by Congress.

• The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021.
• Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.
• More information can be found in the SBA ERTC webpage. Note: the ERTC will work differently pending the business or organization's tax status and which relief programs it has/has not participated in.

Please feel free to contact COCA with any questions at info@tallahasseearts.org