Employee Retention Tax Credit (ERTC)
Value: $7K/Employee/Quarter from March 2019 to Q2 2021 (the first 70% of wages paid to each employee up to $10K/Quarter)
How to Qualify (Option 1): Revenues in a qualifying quarter must be 20% less than the corresponding quarter in prior yr.
Value: $7K/Employee/Quarter from March 2019 to Q2 2021 (the first 70% of wages paid to each employee up to $10K/Quarter)
How to Qualify (Option 1): Revenues in a qualifying quarter must be 20% less than the corresponding quarter in prior yr.
How to Qualify (Option 2): Have a business that "is fully or partially suspended during the calendar quarter due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings (for commercial, social, religious, or other purposes) due to" C19
You must also have less than 500 employees.
You can take the PPP loan in addition to the ERTC.
Finally, the ERTC is REFUNDABLE = cash (the IRS pays you as though you had overpaid your taxes).
You can take the PPP loan in addition to the ERTC.
Finally, the ERTC is REFUNDABLE = cash (the IRS pays you as though you had overpaid your taxes).
And here's a resource I just found. Thanks Mitchell! (@baldridgecpa). BTW, Mitchell is a CPA and I'm not. He can probably help you file for these tax credits.
https://twitter.com/baldridgecpa/status/1356346427958550528
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