As we discussed in a previous article, the Employee Retention Credit (ERC) has been overlooked…that is until the latest COVID-19 Relief Bill passed in December 2020. This latest bill provides an immediate tax savings opportunity for many businesses and nonprofit organizations but many are still unaware of the credit’s expanded scope and more generous credit amounts.
New for 2021, taxpayers can apply for a credit against expected payroll taxes for the first and second quarter of the year. The result is an immediate opportunity for those who qualify.
We encourage you to visit our ERC page at: 2021 Employee Retention Credit. Here you’ll learn more about the Employee Retention Credit, what changed in 2021, and how you can get an analysis started to uncover the savings.
As always, our team is here to help. We stand ready to review your business, determine eligibility, and the amount of potential savings. Visit our ERC page today and a team member will be happy to assist!