Employee Retention Tax Credit
If you have not applied for the Employee Retention Tax Credit(ERTC), you still have time! If your business receipts dropped 50% in 2020 compared to 2019, or dropped just 20% in 2021 compared to 2019, you are likely entitled to a $5,000 per employee credit for 2020, and better yet, if your business receipts dropped just 20% in 2021 when comparing 2019, you are likely entitled to $7,000 per employee per quarter (for a total of $21,000 per employee for the year of 2021!).
Also, an often missed qualification to receive the $26,000 per eligible employee tax credit is the full or partial suspension of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19. As long as these actions are “more than simply nominal”, your business QUALIFIES for the ERTC!!
A simple example the IRS provides as “a partial suspension” is business is closed by a governmental order (restaurant, salon, doctors office, toy store etc). The business also maintains a website through which it continues to fulfill online purchases unaffected by the order. The business is considered to have been partially suspended due to the order requiring it to close its in-person store locations, and QUALIFIES for the ERTC.
myHRcounsel is offering its clients a no cost review of whether your business qualifies, and if it does, we will file all the tax returns for your business, for just a 15% contingent fee (versus the 25-30% contingent fee that most payroll companies, CPA’s and other professional firms are charging). To get started, simply complete the form below, and we will begin the process with you to earn up to $26,000 per eligible employee.