Employee Retention Tax Credit

The refundable credit is available from March 13, 2020 through September 30, 2021 and can be utilized even if companies received PPP loans.

TKO is providing the following services to assist with ERTC:

• Determine if the employer qualifies, and if so, for which quarters
• Determine which employee wages qualify
• Calculate credits, including analysis of PPP and FFCRA sick pay credit interplay
• Reconcile actual credits with advance credits requested
• Prepare reconciled data for and preparation of Form 941-X
• Utilize information provided by client to prepare documentation supporting eligibility

2021

• Maximum credit of $7,000 per eligible employee, per quarter, for 1st, 2nd and 3rd quarter
• For Eligible Employers with less than 500 average full-time employees in 2019, the credit is available for most employees receiving wages in 2021
• Certain small businesses that started up after February 15, 2020 are eligible for up to $100,000 of credits on wages paid from July 1, 2021 through December 31, 2021

2020

• Maximum credit of $5,000 per eligible employee
• For Eligible Employers with less than 100 average full-time employees in 2019, the credit is available for most employees receiving wages in 2020

Tighe, Kress & Orr – Recently Obtained Credits: