Employee Retention Tax Credits

Consolidated Appropriates Act of 2021 Expands CARES Act Employee Retention Credit

Employers, including tax-exempt organizations, are eligible for the credit if they operate a trade or business during calendar year 2020 and experience a “partial suspension” of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19. The coronavirus (COVID-19) outbreak has forced the cancellation of trade shows throughout the world and according to studies, airplane passenger numbers dropped by 60 per cent in 2020 as a result of the COVID-19 pandemic.

According to IRS FAQs, a business that can open (but with restrictions) would still be “partially” shut down due to a governmental order. For example, if a restaurant dining room normally has 100 tables, but due to “social distancing” orders, the restaurant is only permitted to have 50 tables, the employer is still subject to a partial shutdown order and would be eligible for the ERC.

Our partners provide complete, rapid and uncompromising advice around Employee Retention Credits and will help you identify all the ways your business has had impact on commerce, travel and group meetings to qualify for ERC.
Maximum Amount Per Employee (2020 & 2021) $19,000 for the current 2020 and Q1/Q2 of 2021 is available. $7,000 for Q3 2021 and $7,000 for Q4 2021 will be available following the end of each quarter.
Of the first $10,000 in payroll costs covered by ERC/ERTC in Q1 and Q2 of 2021

This does have an expiration date!  Click here now to get more information.