The Employee Retention Credit – It’s not too Late!!!!!
Are you aware there is an additional cash flow resource available to many businesses relating to the pandemic? This resource is called the Employee Retention Credit (ERC) and if you are a qualifying business that meets the requirements of the ERC, the credit can be rather large. The concept of the ERC is rather simple but the calculations could be complex. The ERC is a refund of employer payroll taxes paid in qualifying quarters based on the following criteria:
• Were your gross receipts cut in half during any 2020 quarter?
• Were your business operations at least partially disrupted during 2020 or 2021 (and that includes not being able to operate due to suppliers not getting you materials, as well as quarantine time – as long as it was due to a governmental mandate)?
• Were your gross receipts less than 80% in any 2021 quarter when compared to 2019?
• Do you average less than 500 employees?
• Did you start your business after February of 2020?
The ERC is a pure cash return of payroll taxes paid. During this webinar, Mark Heath, Partner and Director of Tax Services discussed the details of the ERC, how to calculate the determination of qualification and the quarters that would apply to your business. Mr. Heath leads the firms ERC practice in which the firm has helped numerous businesses apply for and receive the ERC.
You can download a copy of the slides here.
This free, one-hour webinar took place on Thursday, June 2 at 2:00 p.m. EDT. One “Tax” CPE credit was available for this webinar. The level for this webinar was overview and there were no prerequisites for attending. This program was a live webinar which offered the opportunity to ask questions and interact with the presenters.
If you have any questions regarding the material covered in this webinar, please contact us or visit our Employee Retention Tax Credit page.