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Employee retention tax credit abbreviated as “ERC” is a retroactive refundable tax credit provided by the CARES Act in 2020 for supporting businesses to retain employees in 2020 & 2021.
Employers who were impacted as follows are eligible for ERTC:
1. full or partial suspension orders by the Government, or
2. Had significant decline in sales, or
3. Started business operations after 02/15/2020, or
4. Severely financially distressed employer
Employee retention tax credit (ERC) are not taxable but the employers are required to reduce wages declared on income tax returns for respective years for which Employee retention tax credit have been approved by the IRS. You will have to file an amended income tax return in most cases.
Employee retention tax credit (ERC) can be claimed until Q3 2021 for businesses other than recovery startups & severely financially distressed employer. If your business qualifies as recovery startups or severely financially distressed employer , then you can be eligible for Q3 2021 & Q4 2021 Employee retention tax credit (ERC).
The lawmakers passed Infrastructure Act (Bipartisan Law) to restrict the businesses from claiming Employee retention tax credit (ERC) beyond Q4 2021. There are no signs for ERC to be extended for 2022 despite businesses are still struggling to get back with normal operations.
Yes, Non profit organizations are equally eligible as other for profit businesses to claim Employee retention tax credit (ERC).
Yes, even if you incorporated or started your business operations in 2020, you are still eligible for Employee retention tax credit (ERC) under normal eligibility route or recovery startup business.
Yes, employers who have availed PPP loan forgiveness are still eligible for Employee retention tax credit (ERC). However, no double dipping of payroll costs as declared on PPP loan forgiveness applications.
As per Constructive ownership rules, owners having more than 50% interest in the business are not eligible for Employee retention tax credit (ERC). However, other non related employees can still be eligible for Employee retention tax credit (ERC)
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