In 2020, when the CARES Act was passed, employers had the option to choose between filing for the Payroll Protection Program or the Employee Tax Retention Credit. At the time, most employers chose the PPP program, but the legislation was updated in 2021 to allow them to take advantage of both programs. With the new service, business owners can determine their eligibility for payroll tax credits under these programs.
To learn more about filing for the ERTC, please watch the short video at https://www.youtube.com/watch?v=D4z90CEAslw
Since the legislation was updated, San Diego Retention Credit Service has been helping employers to file for the ERTC program, to maximize their benefits from both programs. Under the American Rescue Act, employers can now file for ERTC benefits whether or not they received PPP funds.
Employers who had employees on their payroll between March 2020 and the end of December 2021 can be credited for 50% of their wages up to $10,000. In 2021, new changes to the legislation increased the amount to 70% of an employee’s wages up to $10,000 for the first three fiscal quarters of 2021.
Businesses can be eligible for the program if they were fully or partially suspended because of a government order limiting travel, commerce, or group meetings for at least one calendar quarter. Reduced gross receipts of at least 50% for a fiscal quarter compared to the same quarter the previous year also qualify a business for the credit.
The professionals at San Diego Retention Credit Service can quickly determine the eligibility of a business, and the accounting team will pre-qualify companies based on their shared information. To apply, business owners can fill out a form on the service’s website and upload the needed data to their secure server.
The information required will include a company’s 941 returns, PPP loan documents, and raw payroll data. Once this information is uploaded, accountants will calculate the return owed to the business, help them amend and upload their 941-X amended payroll returns, and file them with the IRS so they can receive a cheque in the mail.
A satisfied client said, “When the Employee Retention Credit was included in the CARES Act, we knew we wanted help navigating the guidelines, calculations, and paperwork so we could maximize our tax credit and get everything filed correctly. We were very pleased with the services.”
To learn more or to file for the ERTC, please visit https://employeeretentionrebate.com
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