How To Get the Employee Retention Tax Credit An Easy Guide for Business Owners
In March 2020, Congress created the Employee Retention Tax Credit to reward small businesses for keeping their employees on the payroll during COVID-19. This had a twofold impact: It allowed businesses to continue operating and employees to continue collecting paychecks. Unfortunately, the tax credit expired in 2021, but you may still be able to take advantage of it. You may be one of the business owners who can amend their tax returns for 2020 and/or 2021 and get credit for keeping employees on board. WHO QUALIFIES? If you own a private business or nonprofit that was operating in 2020/2021, you might be eligible if:
•
Gross receipts for a single quarter in 2021 fell by 20% from the same quarter in 2019 or 2020
which of your employees count towards the credit. All employees count for businesses with 100 or fewer full-time employees. Businesses with more than 100 employees can only count employees who are full-time and were paid while not working due to shutdowns or a reduction in revenue. HOW MUCH IS THE CREDIT WORTH? If your organization qualifies for the credit in 2021, you can receive a credit of up to $7,000 per employee (70% of qualified wages up to $10,000) per quarter for each quarter (up to $28,000 for the year per employee). If your organization qualifies for the credit in 2020, you can receive a credit of up to $5,000 for each eligible employee (50% of qualified wages up to $10,000) in 2020 as a whole. You can’t afford to get this wrong for your business. Contact our team today and we’ll make sure you get the credit you deserve.
You can claim this credit on each eligible quarter on Form 941, unless you already claimed the Work Opportunity Tax Credit or the employer credit for FMLA during that period. Businesses that took out PPP loans also cannot claim the retention credit for the same wages unless there’s excess from what’s covered by PPP.
Once you’re able to prove any of those circumstances, you must determine
•
The government ordered at least a partial shutdown in either year Gross receipts for a single quarter in 2020 fell by 50% from the same quarter in 2019
•
Slow Cooker Cheesy Garlic Brussels Sprouts
Scan the QR code to enter a drawing to win 2 Sacramento Kings tickets! Enter your name and email to be considered.
Brussels sprouts are a tasty seasonal veggie to incorporate into your diet this January. With a creamy cheese sauce, this recipe takes comfort to a new level.
Inspired by TheKitchn.com
Ingredients • 1 tbsp unsalted butter • 2 1/2 lbs Brussels sprouts, trimmed and halved • 4 cloves garlic, thinly sliced • 4 oz cream cheese, cubed • 1/2 tsp kosher salt
• 1/4 tsp freshly ground black pepper • 3/4 cup grated Parmesan cheese • 2 tbsp heavy cream • 1/8 tsp freshly grated nutmeg
“Every problem is a gift — without problems we would not grow.” — Anthony Robbins
Directions 1. Coat the inside of a 3–5-quart slow cooker with butter. Add Brussels sprouts, garlic, cream cheese, salt, and pepper. Toss to combine. 2. Cover and cook on LOW until the Brussels sprouts are tender, 2–3 hours. 3. Turn the slow cooker off or to the “warm” setting. Stir in the Parmesan cheese, cream, and nutmeg until the cheeses melt and the Brussels sprouts are coated in a creamy sauce. Season with more pepper to taste.
3
www.tqdlaw.com | 916-545-2790
Published by Newsletter Pro www.NewsletterPro.com
Made with FlippingBook Ebook Creator