On November 15th, 2021, the Infrastructure Investment and Jobs Act was signed into law, ending the Employee Retention Tax Credit (ERTC) program months earlier than many employers were planning for. Though the program was retroactively ended on September 30, 2021, employers can still claim their tax credits after taking the updated eligibility assessment created by Scott Hall and ERTC Today.
To learn more about the ERTC and the requirements to qualify for a rebate, please visit https://scotthall.co/employee-retention-credit-what-you-need-to-know
The updated eligibility assessment is available to any small or medium-sized business owner at no cost, and with no obligation. It takes approximately one minute to complete and requires no proprietary business information.
After starting as a straightforward relief fund program, the ERTC was amended several times to the benefit of business owners. With each amendment adding a layer of complexity, many employers are unaware that they may now be eligible for a rebate. The program is now open to non-profit organizations, startups, businesses founded during the pandemic, and companies with up to 500 full-time employees on average.
Business owners who have already received a loan through the Paycheck Protection Program (PPP) are also now eligible for ERTC. Unlike the PPP, tax credits do not need to be repaid, and there are no restrictions on how the rebates can be spent.
Employers may be eligible for up to $26,000 per W-2 employee in rebates after the maximum allowable claim was increased for 2021. Originally, the maximum was $5,000 per employee, per quarter, but for wages paid in 2021, employers can now claim up to $7,000 per employee, per quarter.
Businesses founded during the pandemic may be eligible as a Recovery Startup Business, if they have less than $1 million in revenue, were founded after February 15, 2020, and have one or more employees who are not family members or 50% owners. These businesses may be eligible for up to $100,000 in rebates.
After completing the no-cost eligibility assessment, employers will receive a link to a secure server where they can complete their ERTC claim. They will be asked to upload their raw payroll data, PPP loan documents, and 941 returns, which the ERTC Today specialist accountants can use to calculate their rebate, and help them file an amendment.
For more information about the ERTC or to take the eligibility assessment, please visit https://scotthallco.business.site/posts/7352183879965764327
Release ID: 89075466
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