The newly launched report from Scott Hall states business owners can claim Employee Retention Tax Credit over the next two tax credit years (2020 and 2021). Even if the 2020 tax return has been filed, it is possible to claim ERTC and update the filing. In addition, the rules around who can apply were updated earlier in 2021. This means some business owners are in danger of missing out on tax credit.
More information is available at https://scotthall.co/employee-retention-credit-2021
Unlike other assistance programs, the ERTC does not require business owners to repay the amount they receive. It is a tax credit that can be retrospectively claimed to help them deal with the unexpected challenges caused by the ongoing health crisis. The report explains that it was created as part of the CARES Act.
Although it was originally introduced for 2020, the relief program has been extended. In addition, the report highlights a significant change earlier in the year that made the ERTC more appealing to business owners. It states that in March 2021, the eligibility criteria were revised to allow business owners to apply for both the Paycheck Protection Program (PPP) and ERTC. Previously, business owners could not apply for both.
Business owners can use the eligibility checker via the website link provided. It is open to many business owners, from beauticians to retailers and contractors. The report notes the easiest way to apply after submitting a tax return is to use the 941-X form to amend the employment tax credit.
The ERTC was developed to help safeguard jobs during the health crisis by supporting business owners. The report states the ERTC is available to any business owner who has kept on employees during the health crisis. The new rules mean business owners can claim up to $28,000 in relief per employee in 2021.
A company spokesperson said: “The CARES Act has become the second-largest source of financial help to small businesses during the pandemic. More businesses can use this act today. This report explains everything you need to know about the ERTC if you are a small business owner.”
Interested parties are encouraged to visit this link to check their eligibility 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 Ahmedabad Local journalist was involved in the writing and production of this article.