Uncover Your Savings Opportunity Now
Now is the time to investigate your savings opportunity as the 1st quarter payroll filing deadline approaches!
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 50% reduction in gross receipts (compared to the same quarter in 2019). The credit was worth $5,000 per eligible employee per year, resulting in savings by reducing payroll taxes. Unfortunately, Paycheck Protection Program (PPP) recipients could not participate initially.
New Saving Opportunities in 2021
The COVID-19 relief legislation passed at the end of 2020 and again in March of 2021 not only extended the ERTC but made several changes, including expanded eligibility, increased savings, and the addition of a retroactive provision for PPP loan recipients. The ERTC has been extended through December 31, 2021. It increases the per employee maximum per year to $28,000 and expanding eligibility to those with a 20% reduction in gross receipts. Finally, small businesses can also receive a credit advance for the expected amount of savings.
Recent changes to the ERTC implemented through the American Rescue Plan Act extend the credit through the end of 2021 and expand eligibility. Now companies classified as start-up recovery businesses and those designated as severely financially distressed can achieve even greater savings.
Through our use of various technology tools, Klatzkin serves clients remotely across the United States from California to the East Coast. This means regardless of location, our experienced ERTC professionals can provide the necessary advice to ensure you receive the maximum credit amount.
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.