L&L: Employee Retention Credit - How Does It Stack Up?

The employee retention credit (ERC) is a fully refundable payroll tax credit for qualified wages (including allocable qualified health plan expenses) that eligible employers pay their employees. How does your business qualify? Organizations that fully or partially suspended operations due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings due to COVID-19; OR experienced a significant decline in gross receipts during the calendar quarter. A “significant decline” means if your gross receipts decline more than 20% in 2021 and/or 50% in 2020, you are eligible to take the credit. For 2020, the credit amount is 50 percent of qualified wages up to 10,000 for the year for each eligible employee. For 2021, the credit amount is 70 percent of qualified wages, up to 10,000 per quarter for each eligible employee. What does that mean for your business? If eligible, your business could receive a $5,000 credit per employee for 2020 AND a $7,000 credit per employee per QUARTER for 2021. Join CLA’s Jenny Wise, CPA, and Mona Birchfield, CPA, to learn more!
Speakers:
Mona Birchfield, CLA - Transportation Intermediaries Association Chief Financial Officer
Jenny Wise, CLA
When
7/29/2021 12:00 PM - 1:00 PM

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