New York, United States, Jan. 26, 2022 (GLOBE NEWSWIRE) —
With many employers filing their taxes for 2021, this new video aims to help them determine how much they can claim in tax credits, and answer some questions about the ERTC program. The program was originally slated to end in 2020, but the American Rescue Plan extended it through September 2021.
To find out more about ERTC eligibility, please visit https://vimeo.com/667464464
In this new video, Scott Hall partners with ERTC Today to let employers know they may qualify for tax credits even if they have already enrolled in the Paycheck Protection Program. Previously, businesses could only enroll in one program, but when the Consolidated Appropriations Act was passed, it amended the rules to allow employers access to both.
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, employers can claim 50% of their employee’s wages, up to $5,000 per employee, per quarter. With the increases introduced in the new amendments, they 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. To be eligible as a small employer for 2020, companies must employ 100 or fewer full-time employees on average. For 2021, that number has increased to allow up to 500 or fewer full-time employees.
In the video, employers can find more information about determining their eligibility, and how to get in touch with ERTC specialists who can help them file their paperwork. Unlike the PPP, ERTC is not a loan program, and tax credits do not have to be repaid. To take a short quiz that will help to determine if a business is eligible, please visit https://ertcquiz.com
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.”
For more information, or to watch the full video, please visit https://vimeo.com/667464464