HOW TO CLAIM THE EMPLOYEE RETENTION CREDIT FOR SMALL BUSINESS

Forum|Forum|3 years ago
February 4, 2023
3 replies
19 views

I have a client with a small business that is asking me about claiming the Employee Retention Credit (ERC), how do I go about claiming that credit for him?

ProSeries Professional

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Dusty2

Level 6

I believe it is on the 941.

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Terry53029

Intuit Community Champion

The employee retention credit is claimed against “applicable employment taxes.”

See link for more info. https://www.irs.gov/pub/irs-drop/n-21-49.pdf

qbteachmt

Level 15

You amend payroll (941X) and then amend the business return for the year(s) impacted, because this is Payroll, not Income taxes.

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Skylane

Intuit Community Champion

lots of people getting emails and daily calls about the ERC and asking their prepares. Befor you knock yourself out, check their eligibility… this may help or Google ERC guidelines or something like that…

https://www.irs.gov/newsroom/employee-retention-credit-2020-vs-2021-comparison-chart

If at first you don’t succeed…..find a workaround

qbteachmt

Level 15

"lots of people getting emails and daily calls about the ERC"

I saw a big ad by some provider on TV! I don't recall whose ad or which channel, and I normally FFWD through the commercials, but this one caught my attention enough to see it was using the "get $26,000" to bait that hook.

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