How do I get my ERC money?

Claiming the Employee Retention Credit (ERC) involves specific steps for companies.

To begin with, companies need to report their total qualified wages on their quarterly tax returns. This includes wages paid to employees during the period when business operations were affected by qualifying events.

Additionally, companies must report the related health insurance costs associated with these qualified wages. These costs are an integral part of the calculation for the ERC.

For most employers, Form 941 is used to file quarterly tax returns. This form serves as the primary document for claiming the ERC and must be completed accurately.

The ERC is a refundable credit, which means that if the credit exceeds the employer's share of Social Security tax, the excess will be refunded to the employer. This is a significant benefit for companies looking to offset their costs.