2 results for tag: Gross Receipts

Unlock Valuable Tax Savings: How to Qualify for the Employee Retention Credit (ERC) in 2023

You can do it now! Even though itʼs 2023, itʼs not too late to qualify for the employee retention credit (ERC). If you qualify and want your money, you must amend your 2020 and 2021 payroll tax returns. Sure, thatʼs a pain, but, if you have a dozen employees and qualify for maximum tax credits, you are looking at $312,000. That certainly nullifies the minor pain of amending those payroll tax returns. And, youʼll also need to amend the business income tax returns for 2020 and 2021 to show the ERC as a reduction in payroll expenses for the qualifying years.3 Again, not hard—just a pain. How Do I Qualify? Assuming you aggregated ...

Act Now: Claim Your 2020 and 2021 Employee Retention Credit (ERC)

During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). With the ERC, you found (or could find) tax credits of up to $26,000 per employee. That’s a lot. With 10 employees, that’s $260,000. Key Point: If you have not claimed the ERC, you can amend your 2020 and 2021 payroll tax returns for the credit. (Amending the payroll is not difficult—so no sweat on that score.) Three Ways to Qualify Decline in gross receipts (on a quarterly basis, by more than 50 percent in 2020 compared with 2019, and by more than 20 percent in 2021 compared with 2019) Government order that caused a full or partial ...