Effective January 1, 2021, new legislation created under the Consolidated Appropriations Act, which was signed into law December 27, 2020, clarifies and broadens the applications of the Employee Retention Credit. These improvements to the CARES Act will be extremely important for taxpayers to consider as they could provide additional benefits to be utilized in Q1 and Q2 of this year. Credits and cash refunds are available up to $19,000 per retained employee.
Sifting through the Consolidated Appropriations Act is not an easy (or efficient) task. Thankfully our experts have you covered.
In our downloadable PDF below, we help explain what these provisions to the credit mean and highlight which changes will offer the biggest implications to you and your business or clients.
Did your business experience a decrease in gross receipts as a result of COVID-19?
Was your business partially or fully shut down because of government regulations due to COVID-19?
If you answered yes to either of the questions above, then you most likely qualify; but for how much? With an up-to-speed knowledge of the Consolidated Appropriations Act, you can count on us to calculate you or your client’s ERC.
Fill out the form below to read more about the Consolidated Appropriations Act and have one of our experts help you take the best next steps.