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A leader in the point of sale and credit card processing markets, Square is known for offering a free card reader and a $0 monthly fee option. But it also offers more robust options for businesses of any size, including retail and foodservice.
The Ramp corporate card centers around one mission: saving customers money. Besides its lack of fees, Ramp also includes software designed to help cut costs.
Clover POS is good for newer businesses that want an attractive, easy-to-use, all-in-one system with simple flat-rate processing. It offers sleek hardware as well as a free option for small businesses.
PaymentCloud provides payment processing solutions for all business types and specialize in eCommerce and hard-to-place accounts. Their competitive pricing and professional service make them a top pick.
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Qualified wages are wages that will be under consideration when you apply for the ERC. They are wages paid between March 15th, 2020 and September 30th, 2021. The period for qualified wages does extend beyond the September deadline for certain businesses.
If you didn’t take advantage of the Employee Retention Tax Credit during the COVID-19 pandemic, eligible small businesses can now retroactively claim the credit by filing an amended tax return via IRS Form 941-X.
Yes, it is possible to receive the employee retention credit even if you’ve received a PPP loan. However, you can’t claim the ERC for any portion of wages used to qualify for the PPP loan or PPP loan forgiveness.
How you record the ERC as a journal entry depends on when you claimed the credit and if you received it as a refund. You can record the transaction by debiting the Income Tax Expense account and crediting the Cash account if you claimed the ERC on your quarterly return. If you filed an amended return to receive a refund, you will record a debit in your Cash account and a debit under the Income Tax Expense account.
The IRS currently has a backlog of ERC claims, and the current estimated time to receive your ERC is anywhere from four to 12 months. Some ERC funding companies also take several weeks to complete and submit your claim, so make sure that you add in this extra time if you use a third-party service.
It is not too late the claim the ERC. If you qualify, you can file an amended quarterly return using Form 941-X to receive the tax credit in the form of a refund.
The ERC is calculated based on the amount of qualified wages paid by eligible employers to their full-time employees in 2020 or certain calendar quarters of 2021.
While the ERC can be daunting, it is a great way to pay yourself back for keeping your employees on payroll during the different economic shutdowns we experienced in 2020 and beyond. Take some of the stress out of a potentially overwhelming process and consider hiring a professional to help you apply for the ERC. Research never hurts and who knows, you could learn that you’re more of an expert than you thought!
Using Lightspeed Loyalty is very easy, as there is nothing to download or install, and most Loyalty functions can be performed right from your iPad POS. The functionality is more or less self-explanatory for anyone who has used an iPad or tablet before.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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