Is your business or someone's you know eligible for the Employee Retention Tax Credit?
Joel Efken
The Business Leader's Cost Reduction Expert | Helping Businesses Increase Profit Margins | Eliminate Wasteful Spending | Performance-Based Expense Reduction | No Upfront Costs, Minimal Time From You
For 2020, were gross receipts for at least one quarter less than 50% of gross receipts for the same quarter in 2019, OR, was the business fully or partially suspended by a governmental authority during any calendar quarter of 2020? If either of those apply AND the average 2019 full-time employees was between 5 and 100, your business is eligible to qualify for ERTC in 2020! There are many variables to calculating the amount of the credit, but for 2020, the amount is up to $5,000 per employee for the year.
For 2021, were gross receipts for at least one quarter less than 80% of gross receipts for the same quarter in 2019, OR, was the business fully or partially suspended by a governmental authority during any calendar quarter of 2021? If either of those apply AND the average 2019 full-time employees was between 5 and 500, your business is eligible to qualify for ERTC in 2021! There are many variables to calculating the amount of the credit, but for 2021, the amount is up to $7,000 per employee per quarter.
Even if your revenue grew or you received PPP funds, you may still qualify.
To have a more detailed discussion and to learn more about how our tax professionals determine the maximum amount for which you qualify, and prepare and file the appropriate forms, please contact me (Joel Efken) at [email protected] or 636.346.1496.
There is limited time to apply for these credits, so reach out now!