Find out everything you need to know about the ERTC in this detailed guide from Scott Hall, including how to know if you’re eligible, and how to calculate your rebate.
What’s the difference between the PPP and the ERTC?
Is it too late to make a claim for wages paid in 2020 and 2021?
How do you calculate your rebate, and does it need to be repaid?
The ERTC program has gone through several amendments, leaving many business owners unsure about how it works, or if they’re eligible – this in-depth guide has all the answers you need and a free eligibility test.
After the CARES Act of 2020 was passed, creating the Employee Retention Tax Credit (ERTC) and Paycheck Protection Program (PPP,) employers were given the option to enroll in one of the two programs, but not both. This guide from Scott Hall explains why you are now eligible for both programs, and how you can apply for your tax rebates.
Visit https://scotthall.co/what-is-ertc-tax-credit to read the full guide to the ERTC tax rebate.
The report reveals how the pandemic relief fund programs have changed since they were first created, including increases to the total amount you can claim in rebates, and expanded eligibility requirements. Employers with up to 500 full-time staff on average can now qualify, as well as companies that have already received a PPP loan.
While the PPP placed restrictions on how you could spend your loans, the ERTC does not. ERTC tax credits are a one-time payout with no restrictions, and no need to be repaid.
You can find detailed information in the guide about calculating your rebate, including the types of organizations that are eligible, and the maximum amount allowed per employee, per quarter. These 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 to determine your eligibility using a free, no-obligation assessment tool available on Scott Hall’s website. The assessment can be completed in approximately one minute and requires no proprietary business information.
Though the ERTC program ended in 2021, it is not too late to claim your rebates by filing an amendment to their 941 returns. While this can be completed by any CPA, because of the many changes the program has gone through, many employers have chosen to process their claims through ERTC specialist accountants to maximize their rebates.
To be eligible for a rebate, you must be able to show that you lost revenue during the pandemic, or were affected by government orders. This could include operating with a limited capacity or being temporarily closed due to a government-ordered lockdown.
With up to $26,000 per employee just waiting to be claimed, it’s no surprise that the wait-list for a rebate is growing. The ERTC specialists can get you pre-qualified in just a few minutes, and help to maximize your claim.
Visit https://scotthall.co/employee-retention-tax-credit to take the free eligibility test, or to get pre-qualified for a rebate today.