Government shutdowns – companies forced to reduce or shutdown operations due to government orders, and.The key provisions are broken out into two main categories: 70% of a maximum $10K in wages (including benefits) for each eligible employee per quarter of 2021, or $28K per employee for the year.50% of a maximum $10K in wages (including benefits) for each eligible employee in 2020, or $5K per eligible employee for the year.In short, the potential benefits of Employee Retention Credits include: In the months since, the ERC has been extended and enhanced twice, most recently in early April 2021. The benefit was somewhat conservative, but still a good boost to qualifying companies. At that stage, we knew companies would need help we just didn’t know how much and for how long. The ERC was originally introduced in the CARES Act, which was passed in mid-2020 as a refundable tax credit.
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