There’s Still Time to Claim Your Employee Retention Credit!
Did your business retain employees throughout the pandemic of 2020 and 2021? If so, you might be eligible for the Employee Retention Tax Credit.
The Employee Retention Tax Credit is a refundable tax credit for small businesses financially impacted by the COVID-19 pandemic. It was designed to encourage businesses to keep their employees on payroll through the government shutdowns and other difficulties that arose during 2020 and 2021. It is a “refundable tax credit” and not a loan, meaning the IRS will send you a check for the amount that you are eligible for and you do not have to pay it back.
Eligible employers can receive up to $26,000 per employee they had during that time. Employers are eligible if they had employees (besides owners) and experienced circumstances during 2020 or 2021 such as:
- Decline in revenue
- Disruption of regular operations
- Were subject to government shutdowns, mandates, or restrictions
As a result of new legislation, your small business may qualify! The legislation providing for the ERTC has recently been revised. If you previously determined you were not eligible, you may want to check your qualifications again.
Remember, the Employee Retention Tax Credit was created to help small businesses get back on track after the pandemic and resume normal operations.
Contact us today to schedule your (free!) consultation to find out if your business qualifies.
*As always, these tax strategies should be discussed with a qualified tax preparer, tax accountant, or tax attorney before being implemented.*