The Employee Retention Credit (ERC) might be the most underclaimed form of federal financial benefit ever available to employers and is reportedly the first tax credit to nonprofit organizations in U.S. history. Eligible employers can qualify for this federal aid/stimulus/benefit program officially described as a “refundable credit” against payroll taxes, even though the amount of the credit has no relationship to an employer’s payroll taxes.
Recipients can receive a “refund” for the full amount of the ERC by claiming the credit on amended payroll tax returns for the applicable periods. Amounts range from as much as $5,000 per employee for 2020 to as much as $21,000 per employee for 2021. Many eligible churches, schools, ministries, and other nonprofit organizations are missing out on the opportunity to receive this significant federal aid because they have not carefully analyzed ERC eligibility requirements.
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