ERTC BENEFITS STILL OPEN

 If you haven’t applied for your ERTC (Employee Retention Tax Credit) refunds or you know someone who still hasn’t applied, give us a call at Kallas.

 The second, third and fourth quarter of 2020 is still open for refunds and the first, second and third quarters of 2021 are still available to apply for.

 The Employee Retention Credit (ERC) – sometimes called the Employee Retention Tax Credit or ERTC – is a refundable tax credit for businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic.

 The credit is available to eligible employers that paid qualified wages to some or all employees after March 12, 2020, and before January 1, 2022.  Eligibility and credit amounts vary depending on when the business impacts occurred. The ERC is not available to individuals.

Generally, businesses and tax-exempt organizations that qualify are those that:

• Were shut down by a government order due to the COVID-19 pandemic during 2020 or the first three calendar quarters of 2021, or
• Experienced the required decline in gross receipts during the eligibility periods during 2020 or the first three calendar quarters of 2021, or
• Qualified as a recovery startup business for the third or fourth quarters of 2021

Eligible employers must have paid qualified wages to claim the credit.

Eligible employers can claim the ERC on an original or adjusted employment tax return for a period within those dates.

For more information, call Kallas at 313-962-6000.