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WALP Employee Retention Tax Credit Information Zoom Meeting
September 8 @ 11:00 am - 1:00 pmFree
Since the COVID-19 pandemic began, we continue to strive to provide members with information regarding various U.S. government programs intended to help businesses weather the storm.
The 2021 Consolidated Appropriations Act included an expansion to the Employee Retention Tax Credit and applies through 2021. Employers are still to eligible to receive this credit. This zoom meeting will provide information about eligibility and what is needed to file.
Employers are eligible for those who retained employees during any portion of the pandemic where the business was forced to change operations due to a required government mandate, or if the business had a loss in revenue. In most cases, businesses are eligible for reimbursement of 3-6 months of total payroll expense.
The federal government recently changed some of the criteria for eligibility, including extending the opportunity to apply to those who received Paycheck Protection Program loans. Some of the changes are as follows:
- The credit is increased from 50% to 70% of qualified wages.
- The limit on qualified wages was increased from $10,000 per employee per year to $10,000 per employee per quarter, which increased the potential annual credits per employee from $5,000 to $28,000 (for a total of $33,000 between all periods).
- Eligibility for the credit is significantly expanded by modifying the required quarterly gross receipts decline from more than 50% to more than 20%.
- A new safe harbor was added allowing businesses to use the prior quarter’s gross receipts instead of the current quarter’s gross receipts if the business does not qualify under the current quarter.
- The maximum number of full-time employees a business can have and still qualify for the credit has been increased from 100 to 500. This will provide credit opportunities to significantly more employers.
Not Sure If You’re Eligible? New Partner Can Help
To simplify this process, we’ve partnered with a new company, ERTCFiling.com, that can help determine eligibility, calculate available credits and prepare necessary forms to file for the Employee Retention Tax Credit.