Employee Retention Tax Credit

The Employee Retention Tax Credit (ERTC) is a government incentive that provides businesses with a tax credit for keeping employees on their payroll during challenging times, such as the COVID-19 pandemic. It reduces the amount of payroll taxes owed and can sometimes result in a refund. The credit is based on a percentage of wages paid to employees, up to certain limits. The goal is to encourage businesses to retain their workforce despite economic difficulties, providing financial relief and stability for both companies and workers.