Corporate Cost Control is assisting business with the complexities of compliance, documentation and the filing requirements needed to claim the payroll tax credits available through the Families First Coronavirus Response Act (FFCRA).

The federal government will reimburse businesses and nonprofit organizations with less than 500 employees for costs related to giving employees paid leave, either for the employee’s own health needs or to care for family members. To take immediate advantage of the paid leave credits, businesses can retain and access funds that they would otherwise pay to the IRS in payroll taxes. 

Eligible employers can retain federal employment taxes equal to the amount of the leave wages paid, plus the allocable qualified health plan expenses and the employer’s share of Medicare tax imposed on those wages, rather than depositing them with the IRS. The federal employment taxes that are available for retention by eligible employers include federal income taxes withheld from employees, the employees’ share of social security and Medicare taxes, and the employer’s share of social security and Medicare taxes with respect to all employees.

CCC is helping eligible employers claim the credits on their federal employment tax returns (e.g., Form 941, Employer’s Quarterly Federal Tax Return), or by reducing their federal employment tax deposits. If there are insufficient federal employment taxes to cover the amount of the credits, we’re helping eligible employers request an advance payment of the credits from the IRS by submitting a Form 7200, Advance Payment of Employer Credits Due to COVID-19. 

Eligible employers claiming the credits are required to retain records and documentation supporting each employee’s leave, as well retaining the Forms 941, Employer’s Quarterly Federal Tax Return, and 7200, Advance of Employer Credits Due To COVID-19, and any other applicable filings made to the IRS requesting the credit. 

CCC’s extensive experience helping businesses navigate through previous payroll tax credits, gives us the in-depth knowledge needed to claim these credits. Contact Corporate Cost Control to obtain additional information about these payroll tax credits or to discuss how our processes can benefit your business.

Contact Corporate Cost Control to obtain additional information about the Employee Retention Credit or to discuss how our process can benefit your business.

 


Contact CCC to see how we can save your organization time and money.
Contact our Sales Team
(800) 207-6926

Featured Videos

View All Videos

Latest News

Close

Sales

    Your Name:*

    Title:

    Company Name:*

    Company Address:

    Company City:

    Company State:

    Company Zip:

    Number of Employees:

    Your Email:*

    Phone Number:*

    Fax Number:

    Check the boxes below if you wish to receive information on any of the following:

    Unemployment Cost ControlTax Credits & Incentives (WOTC)Employment / Wage Verification

    Your Message:

    Employment & Income Verfication

      Your Name:*

      Title:

      Company Name:*

      Company Address:

      Company City:

      Company State:

      Company Zip:

      Number of Employees:

      Your Email:*

      Phone Number:*

      Fax Number:

      Your Message: