The COVID-19 stimulus package allows for a refundable credit up to $5,000.00 per employee based on a 50% tax credit of qualified wages up to $10,000 for 2020 (3/12/20-12/31/20).
PayData can facilitate reporting of the retroactive 2020 Employee Retention Tax Credit (ERTC) by filing an amended Quarterly Tax Return, Form 941-X.
ALERT: Consideration must be made prior to completing this form. Employers must review eligibility with their CPA or Tax Accountant to ensure that your company is eligible for the ERTC or have plans to apply for other programs in 2021. PayData is not responsible for determining ERTC eligibility.
Please refer to this website for eligibility guidelines:
https://www.irs.gov/newsroom/new-law-extends-covid-tax-credit-for-employers-who-keep-workers-on-payroll
PayData ERTC Service fees do apply in calculating the value of the ERTC credits. Client understands and agrees to PayData ERTC service fee of 5% of the client’s approved ERTC credit amount, with a cap of $1,000 per quarter. The service fees will be debited within the next 30 days or the company's next payroll, whichever comes first.
To begin applying the 2020 ERTC credit, please complete this 2020 ERTC Credit Request form.