Congratulations on investing in your future success! We are excited to help your Company with the Employee Retention Tax Credit. As discussed, services will be completed in the next 30 (thirty) days or as agreed too. Our agreement will consist of meeting one to two times bi-weekly to discuss updates and the next steps in completing your "EIDL Audit" Services. Please be advised, if you need to reschedule times to meet that we (Limitless Ideas) may not be available and we should plan accordingly every Friday before 5 PM EST to figure out what times will work best for the coming week including a backup time to meet just in case we were not able to make our first meeting. Office hours are located on the Limitlessideas.com home page.

ERTC stands for Employee Retention Tax Credit. It is a tax credit provided by the United States government to eligible employers as part of the COVID-19 relief measures. The ERTC was introduced to incentivize businesses to retain their employees during the pandemic.

The key details and compliance requirements related to the Employee Retention Tax Credit include:

Eligibility Criteria: To qualify for the ERTC, employers must meet one of the following criteria:
a. The business operations were fully or partially suspended due to a government order during any quarter of 2020 or 2021.
b. The business experienced a significant decline in gross receipts compared to the same quarter in 2019. For 2020, a decline of 50% or more is required. For 2021, the threshold was reduced to 20%.

Qualified Wages: The credit applies to qualified wages paid to employees during the eligible periods. Qualified wages differ depending on the number of employees the employer had in 2019:
a. For employers with 100 or fewer full-time employees in 2019, all wages paid during the eligible period qualify, regardless of whether the employees worked.
b. For employers with more than 100 full-time employees in 2019, only wages paid to employees who did not work during the eligible period qualify.

Credit Amount: The ERTC provides a refundable tax credit of up to 70% of qualified wages, including certain health plan expenses, up to a maximum of $10,000 per employee per quarter. The maximum credit amount per employee across all eligible quarters is $28,000.

Interaction with PPP: Employers who received a Paycheck Protection Program (PPP) loan can still qualify for the ERTC. However, the same wages cannot be used for both programs.

Compliance and Documentation: To claim the ERTC, employers need to properly document their eligibility and calculate the credit accurately. Documentation may include proof of business suspension, revenue decline, and payroll records. It is important to retain these records for at least four years.

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