Article Date:
October 2022

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Answers to 12 Employee Retention Credit (ERC) Questions

As you likely know, it’s not too late to file for the ERC. And now is a good time to get this done.


You can qualify for 2020 credits of up to $5,000 per employee and 2021 credits of up to $7,000 per employee for each of the first three quarters. That’s a possibility of $26,000 per employee.


How many employees did you have during 2020 and 2021? John had 10, for example, and he qualified for $260,000 of tax credits (think cash). You could be like John.


With this in mind, here are answers to 12 questions.


Question 1


I received my ERC money, but I made a mistake in applying for it. How do I return the money?


Answer 1. You should create an amended Form 941-X correcting the error or multiple 941-Xs correcting the errors.1 ... Log in to view full article.

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