With the newly announced quiz, employers can find out in one minute or even less whether they are eligible for a rebate under the Employee Retention Tax Credit (ERTC) program.
More information is available at https://scotthall.co/employee-retention-tax-credit
With only 8% of business owners having claimed their tax credits in 2020, there are billions of dollars in rebates waiting to be mailed out. The updated quiz does not require any proprietary business information and is available for small to midsize business owners, start-ups, and non-profit organizations.
According to the results from a recent survey, only 4% of business owners were very familiar with the ERTC program, while 32% were somewhat familiar. The mechanism has gone through several rounds of changes since its initial rollout and over time, the eligibility has been expanded. Now businesses may qualify if they have up to 500 full-time employees on average, as well as if they are a start-up or non-profit.
Employers who previously received funds through the Paycheck Protection Program (PPP) are also now eligible for ERTC as well, though they were not when the programs were first introduced. The only restriction is that employers may not claim tax credits for wages paid using funds from a PPP loan.
If a business has already filed their paperwork for 2020 and/or 2021, they can still claim their tax credits retroactively. This can be done by filing a 941-X form to make an amendment to their claim, or by contacting an ERTC specialist.
Changes to the ERTC program have also included increases to the maximum amount a business can claim. In 2020, rebates could be claimed for up to 50% of employee wages, to a maximum of $5,000 per employee, per quarter. In 2021, the maximum was increased to 70%, or a maximum of $7,000 per employee, per quarter.
The ERTC eligibility quiz is available with no obligation, and upon completion, employers will be able to schedule a complimentary consultation with an ERTC specialist. The consultation will help them determine how much they can claim, and if they can get pre-qualified for a rebate.
To take the 60-second eligibility quiz, visit https://ertcquiz.com/video
Release ID: 89065726