08/01/2022
Most employers qualify for the employee retention tax credit following the passing of the American Rescue Plan Act. In addition, as mentioned, the CAA extended the qualifications to businesses that took out a loan under PPP.
There are two main factors for employers who want to file for the ERC Tax Credit.
The first applies to businesses ordered to fully or partially shut down during the calendar quarter to which they want to apply. The credit only applies to the portion of the quarter the business was suspended.
Businesses whose gross receipts fell below 50% for the same quarter in 2019 (for 2020) and below 70% (for 2021) also qualify.
Startup businesses under the Recovery Startup Business program must have had average annual gross receipts of under $1mn.
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๐ฒ (281) 502-8926
๐ https://bit.ly/ERCGUIDE
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