July 7, 2022
Learn more about eligibility and how to apply in the latest NFIB webinar
It’s Not Too Late to Claim the ERTC
ERTC Eligibility
Eligibility rules changed from 2020 to 2021, as well as amount of wages available to claim. Eligible businesses or tax-exempt organizations that conduct a trade or business must have experienced one or both of the following criteria:- The business was forced to partially or fully suspend or limit operations by a federal, state, or local governmental order.
- The business experienced a 50% decline in gross receipts during any quarter of 2020 versus the same quarter in 2019, and 20% decline in gross receipts in 2021 against the same quarter in 2019.
Claiming ERTC
Your ERTC claim will include total qualified wages and healthcare costs. “It is a payroll tax credit and it is refundable,” Wade said. “If you withhold payroll taxes and you still have credit, they will send you a check.” To claim the credit, start with these steps:- Amend previously filed 941
- For each qualifiable quarter, fill out and submit a 941X
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