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Employee Retention Tax Credits
Consolidated Appropriates Act of 2021 Expands CARES Act Employee Retention Credit
Employers, including tax-exempt organizations, may be eligible for the credit if they operated a trade or business during calendar year 2020 and experienced a “partial suspension” of the operation of their trade or business during any calendar quarter due to the implementation of governmental orders limiting commerce, travel, or group meetings due to COVID-19. As everyone remembers, the coronavirus (COVID-19) outbreak and resulting governmental orders negatively impacted many businesses, including through the forced cancellation of trade shows and reduced travel.
According to the IRS, a business that opened (but with restrictions) could have been “partially” shut down due to the governmental order that imposed those restrictions. For example, if a restaurant dining room normally has 100 tables, but due to “social distancing” orders, the restaurant was only permitted to have 50 tables, the employer could still be deemed to have been partially shut down and would potentially be eligible for the ERC program.
We provide complete and honest advice around Employee Retention Credits and will help to evaluate whether your business was impacted in such a way that you might be eligible for the ERC program.
$26,000
Maximum Amount Per Employee (2020 & 2021) $5,000 for the current year of 2020. For the year 2021 the maximum amount available is $7,000 per employee for Q1 of 2021, $7,000 per employee for Q2 of 2021, and $7,000 per employee for Q3 of 2021.
70%
Of the first $10,000 in payroll costs covered by ERC/ERTC in Q1 and Q2 of 2021
Hire a professional and take the worry out of your ERC credit claim.
We will help create the necessary documentation to address your eligibility for the ERC program.
We will provide your amended 941-X returns (and any other documentation) to one of our third party, licensed professionals to file your ERC claim with the IRS.