It wasn’t available to you. Now, it might be.
This was the amount. Now, the amount is different for a different year.
Here’s the eligibility criteria. Now, here’s some new criteria too.
What sounds like a befuddling riddle is actually a description of The Employee Retention Tax Credit (ERTC). It’s changed a lot in the last few months. Now, organizations who have PPP loans are able to qualify for this tax credit too. New guidelines have been established for how to claim the credit in 2020 and 2021. The extension and expansion rules have evolved.
So if your company is looking to take advantage of the ERTC, how can you make sense of the tax credit in a way that leads to claiming dollars for your business instead of scratching your head?
In this episode, ERTC advisor Cristy Andrews, CPA, CGMA explains the points of interest for this tax credit, while special guest Tim Gothard, Executive Director of the Alabama Wildlife Federation, shares the story and perspective of an organization that has utilized—and benefitted from—the ERTC.
After listening to this episode, you’ll be able to:
- Know the amount of the ERTC available per employee (despite common misconceptions)
- Understand how a refundable tax credit benefits organizations
- Recognize how laws have changed from prohibiting some organizations from claiming the ERTC to allowing them to claim the ERTC
- Understand the basics of eligibility for 2020 and 2021—and how they are different
- Know the two different ways your organization can qualify for the ERTC
Resources Mentioned in this Episode:
- Alabama Wildlife Federation Website
- COVID-19 Resource Page
- Form to Ask a Warren Averett Advisor for ERTC Help
Additional Resources for Continued Learning:
- Blog Post and Infographic: Employee Retention Tax Credit (ERTC) [What Companies Should Know]
- Blog Post: Two Ways to Leverage the R&D Tax Credit in Light of the CARES Act
- Tax Alert: New Stimulus Package Includes Several Tax Changes and Provisions
