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Employee Retention Tax Credits
Posted on 4/21/21 at 12:49 pm
Posted on 4/21/21 at 12:49 pm
Any expert here on these payroll tax credits? Or even someone who has been through the process and has some general understanding?
I have tried researching online and talked to CPA but still very confused. Supposedly if you were shut down during Covid or had a revenue reduction of 50% Y/Y for any quarter, you qualify. But it’s complicated to determine for how long. Then congress changed the rules for 2021 to add another layer of complexity. Payroll company says tell them we are qualified and they will process 941 for credit. However, we have to certify qualification.
It appears to be a good option for small businesses impacted by government shutdowns but very confusing.
Any info or guidance is appreciated.
I have tried researching online and talked to CPA but still very confused. Supposedly if you were shut down during Covid or had a revenue reduction of 50% Y/Y for any quarter, you qualify. But it’s complicated to determine for how long. Then congress changed the rules for 2021 to add another layer of complexity. Payroll company says tell them we are qualified and they will process 941 for credit. However, we have to certify qualification.
It appears to be a good option for small businesses impacted by government shutdowns but very confusing.
Any info or guidance is appreciated.
3
Posted on 4/21/21 at 3:42 pm to bradyjamesrules
My payroll company basically said the following:
If we think in good faith that we qualify, then by all means apply for it.
The worst thing that can happen is you have to pay it back at some point.
If we think in good faith that we qualify, then by all means apply for it.
The worst thing that can happen is you have to pay it back at some point.
Posted on 4/21/21 at 3:56 pm to bradyjamesrules
What were your first quarter 2019 gross sales net returns?
What were your first quarter 2021 gross sales net returns?
What were your first quarter 2021 gross sales net returns?
Posted on 4/21/21 at 4:41 pm to bradyjamesrules
As I understand it, if you received a PPP loan, the payroll tax credits apply only on payroll costs incurred after you exhausted your PPP loan funds.
Posted on 4/21/21 at 8:36 pm to YumYum Sauce
I actually got similar advice from CPA after posting this afternoon
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