ERTC FAQs - How To Claim Employee Retention Credits If You Enrolled In PPP
The Employee Retention Tax Credit program has ended, but it's not too late to file for your credits. Even if you've already filed, ERTC specialists can help you to amend your claim to include any eligible tax credits.
With many employers filing their taxes for 2021, this new video aims to help you determine how much you can claim in tax credits, and answer some questions about the ERTC program. Because of the large number of changes made to the program since it was originally begun, many employers have misconceptions about the eligibility requirements and the tax credits available to be claimed.
The total amount available per employee has increased, as well as the rules defining small vs large employers.
For 2020, you can claim 50% of your employee's wages, up to $5,000 per employee, per quarter.
With the increases introduced in the new amendments, you can now claim up to 70% of eligible wages, to a maximum of $7,000 per employee, per quarter, for wages paid in 2021.
Changes to the rules defining what it means to be a small employer, for the purposes of the ERTC, allow companies with more employees to qualify.
Unlike the PPP, ERTC is not a loan program, and tax credits do not have to be repaid. Watch the full video for answers to more frequently asked questions, or take the short quiz to find out if you're eligible.
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