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Employee Retention Tax Credit (ERTC) Extended
Big news for the ERTC came out of this weekend with the House passing the American Rescue Plan (ARP) and moving on to the senate for final votes.
ERTC, or the employee retention tax credit, that was originally set to expire in Q2 2021, MAY be extended to Q4 2021.
What does this mean for you?
Two major components if the bill is passed by the senate and president:
- Able to take up to $28,000, or 7k per quarter per employee in a payroll tax credit
- Take the ERTC alongside the PPP (must not be used for the same wages)
However, this is one of the more complicated credits and with the new bill, they threw in some extra language to add to the complexity including where to apply the Q3 and Q4 credit amount which is different than Q1 and Q2.
We STILL do not recommend trying to see if you’re qualified or implementing this on your own.
But for the right situation, this will be huge tax savings in 2021.
Do you think you qualify? Let’s talk!
Do you know how much you are overpaying in taxes to the IRS?
We’d love to jump on a free zoom call with you to show you how much you can save in tax payments this year.
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