With the tax filing deadline approaching, you may want to double check your company is getting all the help available from government programs. This means ensuring you’ve utilized the Employee Retention Credit (ERC), a refundable tax credit designed to make it easier for businesses to keep employees on the payroll despite challenges posed by COVID-19.
The ERC is getting extended as part of the American Rescue Plan Act, signed by the President on March 11. Scheduled to end June 30, the ERC will be available through the end of 2021.
Besides the calendar extension, businesses that received Paycheck Protection Program (PPP) funding are now eligible for the ERC and can file amended tax returns to claim the ERC for 2020 and/or claim an ERC in their 2021 tax filing.
Andy Hauck, Chief Commercial Banker, First Financial Bank, recently connected with Donny Lucaj, Certified Public Accountant, Plante Moran, Tax Solutions Group, to talk about the details to help you understand and take advantage of the government’s expanded benefit program.
In the video they discuss:
If you have more questions on how to file for the credit, it’s best to reach out and consult with a tax professional. Visit IRS.gov/coronavirus/employee-retention-credit for more details on the credit and extension information. The IRS expects to update the information on this page over the next few days and weeks.
To learn more check out the Plante Moran Employee Retention Credit Resource Center.
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