Employers should not file Form 7200 after they file Form 941, Employer’s Quarterly Federal Tax Return, for the fourth quarter of 2020, or file Form 943, Employer’s Annual Federal Tax Return for ...

The amount of the credit is 50% of qualifying wages paid up to $10,000 per employee for all quarters. Qualifying wages may not exceed $5,000 - or 50% of $10,000 - for any employee for all calendar ...

State and local governments, and their instrumentalities, are not eligible for the credit. Qualifying employers can receive a maximum credit of 50 percent of $10,000 in qualifying wages.

Since the Employee Retention Credit (ERC) was enacted in March 2020, the guidance available for taxpayers has been limited, and for nonprofits, even more so. Although ERC-specific guidance for ...