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    The Employee Retention Tax Credit provides tax relief to qualified businesses that lost significant revenue in 2020 and 2021 as a result of the pandemic. The ERTC was created to encourage businesses of all sizes and scopes to keep employees on their payrolls during times of economic hardship and struggle.

    Most employers are eligible for the ERTC, including those that experienced a full or partial suspension of operations due to the pandemic or experienced a significant decline in gross receipts. Employers must meet certain eligibility criteria to qualify for the credit.
    ERTC is calculated as follows:

    For Tax Year 2021: Receive a credit of up to 70% of each employee’s qualified wages. This means an employer could claim up to $7,000 per quarter per employee, or $28,000 for 2021 (Please note: Q4-2021 would be eligible for Recovery start up business otherwise it would be $21,000).

    Consider group health plan expenses as qualified wages, even if no other wages are paid to an employee.

    For Tax Year 2020: Receive a credit of up to 50% of each employee’s qualified wages, up to $5,000 for the year.

    Consider group health plan expenses as qualified wages, even if no other wages are paid to an employee.

    To claim the new Employee Retention Tax Credit (if eligible), you must calculate your total qualified wages and the related health insurance costs for each quarter and subtract that amount from your deposit on Form 941, Employer’s Quarterly Federal Tax Return.

    If you already filed your taxes for 2020 & 2021, you could retroactively claim the credit if you are qualified for the ERTC during 2020 & 2021. To do this, fill out Amended Form 941-X.

    If you qualify as a small employer (500 or fewer full-time employees in 2019) you may request advance payment of the credit using Form 7200, Advance of Employer Credits Due to Covid-19. Employers with more than 500 employees are not eligible for advance payments.

    Yes. The new legislation allows businesses that received a loan under the Paycheck Protection Program (PPP) to qualify for the ERTC tax credit. However, the credit can only be applied to wages that are not forgiven or expected to be forgiven under PPP.
    Our mission is to help you unlock the full potential of the ERTC, so you can focus on what matters most – growing your business and retaining your valuable employees. Trust Unison Globus to provide the support and expertise you need to succeed. Contact us today to learn more about how we can help you take advantage of the ERTC.
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