After the passage of the CARES Act of 2020, creating the Employee Retention Tax Credit (ERTC) and the Paycheck Protection Program (PPP), employers were given the opportunity to enroll in the one of the two programs, but not both. This new report launched by Scott Hall explains why employers are now eligible for both programs and how they can claim their tax refunds.
To read the full ERTC change report, please visit https://scotthall.co/what-is-ertc-tax-credit
The newly released guide reveals how pandemic relief fund programs have changed since their inception, including increases to the total amount employers can claim for reimbursement and expanded eligibility requirements. Employers with up to 500 full-time employees on average can now be eligible, as well as businesses that have already received a PPP loan.
While the PPP imposes restrictions on how employers can spend their loans, the ERTC does not. ERTC tax credits are a one-time payment with no restrictions and do not need to be repaid.
Employers can find detailed information in the report on how their reimbursement was calculated, including the types of eligible organizations and the maximum amount allowed per employee, per quarter. The limits were increased in 2021, with the passing of the Consolidated Appropriations Act, allowing many businesses to claim up to $26,000 per employee.
It is also possible for employers to determine their eligibility using a free, no-obligation assessment tool available on the Scott Hall website. The assessment can be completed in about a minute and does not require any proprietary business information.
Although the ERTC program ended in 2021, it is not too late for eligible employers to claim their tax refunds by filing an amendment to their 941 returns. Although this can be done by any CPA , due to the many changes the program has undergone, many employers have opted to process their claims through specialist ERTC accountants to maximize their rebates.
To qualify for a discount, employers must be able to demonstrate that they have lost revenue during the pandemic or been impacted by government orders. This could include operating with limited capacity or temporary closure due to a government-ordered lockdown.
For more information on ERTC Specialist Accountants or to take the eligibility assessment, please visit https://scotthall.co/employee-retention-tax-credit
Name: Scott Hall
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