Note:

Qualified wages up to $10,000 (including certain health plan costs) per employee, were used to determine the Employee Retention Credit amount.

The maximum ERC was $5,000 per employee.

The refundable portion of the ERC will post to IDRS as a TC 766 CRN 296 using the first day of the tax period as the transaction date unless the TC 766/767 is the result of an adjustment with an interest computation date, in which case, the interest computation date should be used as the transaction date.

The amount of the ERC is equal to 70% of the qualified wages that an eligible employer paid to employees after December 31, 2020 but before January 1, 2022.