In 2020, when many small businesses were suffering financial losses, the federal government created several pandemic relief programs they could enroll in. One of the lesser-known programs, the Employee Retention Tax Credit (ERTC), is still open for enrollment, and employers can use this new report launched by Scott Hall to calculate their rebates.
For more information, please visit https://scotthall.co/how-to-calculate-ertc-correctly
The recently released report features important information for business owners who have already received funds through the Paycheck Protection Program (PPP) about changes to the eligibility requirements. Though these business owners were originally disqualified from enrolling in the ERTC, that changed in 2021 with the passing of the Consolidated Appropriations Act.
Employers can now enroll in both programs, and the report explains how PPP loans are factored into the tax rebate calculations. Unlike the PPP, ERTC rebates are not a loan and do not need to be repaid. They also have no restrictions on how they can be spent.
Eligible business owners may claim as much as $26,000 per employee, and the report contains a detailed list of all the documentation they will require when making a claim. It also includes a no-cost, no-obligation, secure eligibility assessment tool that employers can use to find out if they qualify for tax rebates, by answering a few simple questions.
The ERTC program is open to any small or medium-sized business that suffered financial losses or temporary closures during the pandemic, including non-profit organizations, and startups. Businesses founded during the pandemic may qualify as a Recovery Startup Business and could be eligible for up to $100,000 in rebates.
Employers may also choose to have their rebates calculated by ERTC specialists. To have an expert pre-qualify their company for a rebate, they can take the eligibility assessment and then request a consultation to learn the amount they may receive.
To complete a claim online with ERTC specialists, employers will be asked to upload their 941 returns, raw payroll data, and PPP loan documents to a secure server. With this information, the accountants can complete their claim, and help them file the amended documents.
For more information about the no-cost eligibility assessment or to contact an ERTC specialist, please visit https://scotthall.co/employee-retention-tax-credit
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Emerald Journal journalist was involved in the writing and production of this article.