Uncover Your Savings Opportunity
The Employee Retention Tax Credit (ERTC) is a refundable payroll tax credit available to businesses and nonprofit organizations. The ERTC was initially offered to those who experienced a total or partial shutdown to comply with government orders or experienced a significant reduction in gross receipts (compared to the same quarter in 2019). The credit was worth $5,000 per eligible employee in 2020, resulting in savings by reducing payroll taxes. In 2021, the credit is worth $7,000 per eligible employee for the year’s first three quarters. Therefore, the ERTC could be a maximum of $21,000 per employee.
ERTC OPPORTUNITIES FOR 2021
Although the ERTC was set to expire on December 31, 2021, the Infrastructure Investment and Jobs Act, passed on November 5, 2021, terminated the credit three months earlier than expected. Hence, while businesses may no longer claim eligible wages paid after September 30, 2021 (unless you are a “recovery startup business,”) there is still an opportunity to retroactively claim the ERTC for the first three quarters of the year.
Why Klatzkin?
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Klatzkin provides an ERTC Review that provides businesses with an initial savings analysis for 2021 and retroactive opportunities for 2020. Our team will compile the necessary documentation, prepare the appropriate filings or work with your payroll provider, and submit all the required forms to the IRS. We are here for you from initial analysis through filing submission and credit receipt. To determine if you qualify and to receive a cost estimate complete the form below and we will follow up with you shortly.
**Typically companies with 10 or more employees are able to realize the compelling benefits of our services.