Scott Hall has launched a new report to help small business owners understand the eligibility requirements for the Employee Retention Tax Credit (ERTC). He says the requirements for receiving the ERTC have been updated, but many business owners may not be aware of it.
New York, United States, December 29, 2021 (GLOBE NEWSWIRE) – The recently released report by Scott Hall indicates that business owners can claim an employee retention tax credit in the next two years of employee retention credit. tax (2020 and 2021). Even if the 2020 tax return has been filed, it is possible to claim the ERTC and update the return. Additionally, the rules for who can apply were updated earlier in 2021. This means some business owners are at risk of missing out on the tax credit.
More information is available at https://scotthall.co/employee-retention-credit-2021
Unlike other assistance programs, the ERTC does not require business owners to repay the amount they receive. This is a tax credit that can be claimed in retrospect to help them cope with the unexpected challenges caused by the current health crisis. The report explains that it was created under the CARES Act.
Although initially introduced for 2020, the relief program has been extended. Additionally, the report highlights a significant change earlier in the year that made ERTC more attractive to business owners. He says that in March 2021, the eligibility criteria were revised to allow business owners to apply for both the Paycheck Protection Program (PPP) and the ERTC. Previously, business owners couldn’t ask for both.
Business owners can use the eligibility checker through the website link provided. It is open to many business owners, from beauticians to retailers and entrepreneurs. The report notes that the easiest way to apply after submitting an income tax return is to use Form 941-X to modify the employment tax credit.
The ERTC was developed to help safeguard jobs during the health crisis by supporting business leaders. The report says the ERTC is available to any business owner who has kept employees during the health crisis. The new rules mean business owners can claim up to $ 28,000 in relief per employee in 2021.
A company spokesperson said: “The CARES law has become the second largest source of financial assistance for small businesses during the pandemic. More companies can use this law today. This report explains everything you need to know about ERTC if you are a small business owner.
Interested parties are encouraged to visit this link to verify their eligibility https://scotthall.co/employee-retention-tax-credit/