DO WE QUALIFY?

The Employee Retention Tax Credit (ERTC) as amended by the Consolidated Appropriation Act (CAA2021) offers much needed tax relief. Essentially it’s phase two CARES Act. Understanding updates and amendments to legislation can be challenging. There is confusion between these two Coronavirus related Acts and incentives, especially as coupled with PPP loan forgiveness.

Where is clear information available?

A Google search for explanations and you will find contradictions as to how it applies. The IRS website even offers little help or clarification as they struggle to apply the updated changes.

These CAA2021 improvements to the CARES Act are extremely important for taxpayers to evaluate. They may provide added benefits that can be utilized in both Q1 and Q2 of 2021. These available tax credits and cash refunds could be $5,000 per retained employee, or more.