On Wednesday (January 31, 2024), the U.S. House of Representatives passed HR 7024 – The Tax Relief for American Families and Workers Act of 2024. This $78 billion tax package passed in the House with an 83% approval rate and now makes its way to the Senate. Highlights of HR…
In a news release (IR-2023-169), the Internal Revenue Service (IRS) announced it will be temporarily stopping the processing of new Employee Retention Tax Credit (ERC) claims due to an increasing amount of fraudulent filings as many businesses are being coerced by ERC pop up scammers. According to the IRS:…
The ERTC is a lucrative tax credit available for 2020 and 2021. Generally the two ways to qualify for the credit were from direct revenue reductions or from partial or total shutdowns caused by a government order affecting your business. There is little known third way to qualify for…
In the last KT addition, we talked about the Employee retention credit and if it was for you. Since that time the IRS has issued notices and Congress is working on passing bills, but as of today the employee retention tax credit is still available for 2021 and could be a…
Attention Dentists: There is an opportunity for your office to explore claiming the Employee Retention Tax Credit (ERTC).Click Here to see an article for more information on the credit. As noted, there are two ways to qualify for the ERTC: 1.   You had a 50% decline in…
For 2020 qualifying employers can receive up to a $5,000 credit per employee. For 2021 qualifying employers can receive up to a $28,000 credit per employee. Executive Summary – Congress recently extended and enhanced the Employee Retention Credit (ERTC) to help small business negatively impacted by Covid-19. The ERTC is…
The Employee Retention Tax Credit (ERTC) is one of the most beneficial provisions of the 2021 Consolidated Appropriations Act (the Act) signed into law on December 27, 2020. Prior to the Act, most businesses had been ineligible to claim the ERTC in 2020 because they received a PPP loan. Also, the ERTC…
The Consolidated Appropriations Act (CAA) of 2021 has greatly expanded the Employee Retention Credit (ERC), which was originally signed into law with the CARES Act in 2020. As a result of this, it is important not to rush filing your Form 941 or 943 to be sure you are claiming…
Updated April 23, 2020 On Friday, March 27, a historic, bipartisan deal was signed into law to offer $2 trillion in health care and economic relief to Americans and businesses amid the ongoing novel coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a massive aid package…
