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Tax

Employee Retention Credit

The Employee Retention Credit (“ERC”) is a credit that was effective in 2020 to assist businesses in keeping employees on payroll. The ERC has been extended for all of 2021 and has been significantly expanded. Even if your business did not lose revenues in 2020 compared to 2019, you still could qualify given the many eligibility factors.

Remember, if you qualify it is critical to fully document the qualification to avoid problems in the future. The ERC is a refundable tax credit thereby providing significant benefit to the business.

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