PAST WEBINAR: Employer Retention Tax Credit - Need to Know Webinar

From Adams Keegan:

Please join us this Friday for the first in a two-part live webinar series in which our experts offer a comprehensive review of Employer Retention Tax Credits (ERTCs).

Topics will include:

-- Employer eligibility

-- 2020 rule and limits

-- 2021 changes and how it affects PPP 1& 2

Employer Retention Tax Credits Webinar - Friday 1/22 10:00am - 10:45am CST

Click the link above to sign up and feel free to forward this invite to any counterparts that may be interested in this webinar.

A few things to know:

What is the Employer Retention Tax Credit (ERTC)?

The Employee Retention Tax Credit is a refundable tax credit against certain employment taxes equal to a percentage of the qualified wages an eligible employer pays to employees after March 12, 2020 through June 30, 2021. On January 1, 2021, new rules apply to the credits taken in 2021. The original rules that have applied to the ERTC since March 2020 have been unchanged for wages paid in 2020, aside from allowing the PPP loan and ERTC together, as discussed below.

Can I claim the ERTC if I have a PPP loan?

Yes. Originally, employers were not allowed to claim the ERTC if they received a PPP loan. Those rules changed with the passing on the Consolidated Appropriations Act, 2021. Now employer may take a PPP loan and also claim the ERTC. However, employers may not claim the ERTC on wages paid with PPP funds.

Do I qualify for the ERTC?

Employers are eligible for the credit if they operate a trade or business during calendar year 2020 and experience either:

  • 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
  • A significant decline in gross receipts.
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