Employee Retention Credit Advisory

Created as part of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), the Employee Retention Credit was designed to assist employers, and their employees, impacted by the global COVID-19 pandemic. The lucrative refundable tax credit against payroll tax allows eligible employers a credit of up to $5,000 per employee for 2020 and up to $7,000 per quarter per employee in 2021.

Uncover Your Tax Savings

Doeren Mayhew can help you uncover the potential tax savings the Employee Retention Credit has to offer your business. Look to us to:

• Determine if your business qualifies
• Quantify qualified wages and related health plan expenses
• Assist in applying safe harbors to determine eligibility for the Employee Retention Credit
• Calculate credits, including estimates for current and future quarters
• Assess overlap, if any, between PPP funding and eligible wages
• Assist with preparing Form 7200 to receive IRS advances
• Reconcile actual credits with advance credits requested
• Prepare reconciled data for Form 941-X

To learn more about our Employee Retention Credit advisory services, contact our team of tax and business advisors today. We stand ready to assist you through the entire credit claim process.

Employee Retention Credit Resources

Articles

• There’s Still Time to Claim the Employee Retention Credit in 2022
• IRS Offers Insight on Retroactive Termination of the Employee Retention Credit
• IRS Provides a Safe Harbor for the Employee Retention Credit Gross Receipts Calculation
• Additional Guidance Released for Employee Retention Credit
• Eligible Businesses: Claim the Employee Retention Tax Credit

On-Demand Webcasts

• Maximizing the Employee Retention Credit in 2021