Please note: As of 12:00 am PDT on April 9, 2024, we are no longer accepting applications for tax year 2020. Any completed applications (with supporting documentation) submitted on or after 12:00 am PDT on April 9, 2024, will be prepared and filed for tax year 2021 only. By continuing to utilize our service, you acknowledge and agree that SmartERC will not prepare nor file your Forms 941X for any quarter of tax year 2020.

Unlocking the Power of Qualified Wages for the ERC Program: Insights from an Ex-IRS Agent

September 25, 2023

ERC Program Qualified Wages

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If you’re delving into the world of the Employee Retention Credit (ERC) for your business, you’ve probably encountered the term “Qualified Wages.” But what exactly do these wages entail? 

Today, our expert, Andrew, a former IRS agent, is here to demystify the concept of Qualified Wages in the context of ERC applications and how they impact the potential benefits for your business. Let’s get right into it! 

Former IRS Agent Andrew: 

Hello, everyone! I’m here to provide clarity on this topic as I am passionate about it. 

Understanding “Qualified Wages” in the ERC Program

Qualified wages within the ERC program refer to the compensation and wages paid by employers to their employees during the quarters spanning from March 12, 2020, to January 1, 2021. It’s important to note that healthcare plan expenses are also considered part of these qualified wages when calculating ERC benefits. 

However, the definition of qualified wages isn’t solely determined by the IRS. It also hinges on various circumstances and parameters specific to each business, including significant revenue decline and government-mandated suspensions or shutdowns. 

Parameters for Businesses Based on Year and Employee Count 

The parameters for ERC eligibility vary depending on the year and the number of employees. Here’s a breakdown: 

For Businesses With Less Than 100 Employees in 2020: 

  • In 2020, businesses with fewer than 100 employees can claim 50% of the first $10,000 in wages, equating to a maximum of $5,000 per employee. 

For Businesses With More Than 100 Employees in 2020: 

  • In 2020, businesses with over 100 employees can also claim 50% of wages. However, the credit only applies to wages paid to employees who weren’t actively working during the specified quarters. 

For Businesses With Less Than 500 Employees in 2021: 

In 2021, businesses with more than 500 employees can claim 70% of wages. However, this credit only applies to wages paid during hours when employees were not actively working. 

Expert Assistance for ERC Claims 

Filing for the ERC can be a perplexing and time-consuming endeavor for those lacking a comprehensive understanding of the program. Even if you manage to file, there’s no guarantee that you’ve claimed everything your business is entitled to. 

If you’re seeking assistance or simply want to ensure you maximize your ERC benefits, consider SmartERC for a free quote to assess your business’s eligibility. 

We are the only team in the United States comprised of former IRS agents, like me, who possess the knowledge and expertise to ensure your business receives the relief it rightfully deserves. 

Don’t wait! Consult our experts today to optimize your ERC return before any potential further reductions or program cancellations by Congress. 

Ready to Uncover Your ERC Benefits? 

If you would like Andrew and our team of former IRS agents assess your ERC eligibility before the deadline, click here

You can also reach us 24/7 by calling 800-707-0524. Your ERC benefits await – seize them now!


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