PUBLISHED ONMay 06, 2022 12:15 PM
—
After the CARES Act of 2020 was passed, creating the Employee Retention Tax Credit (ERTC) and Paycheck Protection Program (PPP), employers were given the option to enroll in one of the two programs, but not both. This new report launched by Scott Hall explains why employers are now eligible for both programs, and how they can apply for their tax rebates.
To read the full report on changes to the ERTC, please visit https://scotthall.co/what-is-ertc-tax-credit
The recently published guide reveals how the pandemic relief fund programs have changed since they were first created, including increases to the total amount employers can claim in rebates, and expanded eligibility requirements. Employers with up to 500 full-time staff on average can now qualify, as well as companies that have already received a PPP loan.
While the PPP placed restrictions on how employers could spend their loans, the ERTC does not. ERTC tax credits are a one-time payout with no restrictions, and no need to be repaid.
Employers can find detailed information in the report about calculating their rebate, including the types of organizations that are eligible, and the maximum amount allowed per employee, per quarter. The limits were increased in 2021, with the passing of the Consolidated Appropriations Act, allowing many businesses to claim up to $26,000 per employee.
It is also possible for employers to determine their eligibility using a no-cost, no-obligation assessment tool available on Scott Hall’s website. The assessment can be completed in approximately one minute and requires no proprietary business information.
Though the ERTC program ended in 2021, it is not too late for eligible employers to claim their tax rebates by filing an amendment to their 941 returns. While this can be completed by any CPA, because of the many changes the program has gone through, many employers have chosen to process their claims through ERTC specialist accountants to maximize their rebates.
To be eligible for a rebate, employers must be able to show that they have lost revenue during the pandemic, or were affected by government orders. This could include operating with a limited capacity or being temporarily closed due to a government-ordered lockdown.
For more information about ERTC specialist accountants or to take the eligibility assessment, please visit https://scotthall.co/employee-retention-tax-credit
Contact Info:
Name: Scott Hall
Email: Send Email
Organization: ScottHall.co
Address: 60 West 23rd St. Suite 638, New York, NY 10010, United States
Website: https://scotthall.co
Release ID: 89074600
If you detect any issues, problems, or errors in this press release content, kindly contact error@releasecontact.com to notify us. We will respond and rectify the situation in the next 8 hours.