Considering applying for the Employee Retention Tax Credit (ERTC)? Businesses looking to recoup tax savings thanks to extended ERTC rules should be cautious of gray areas in IRS guidance and offers too good to be true. Businesses who previously passed on the CARES Act program may be tempted to give ERTC a second glance, but there are important stipulations that must be met to avoid a costly investigation from the IRS later.
But Who’s Counting? host David E. Hartley discussed the ins and outs of the ERTC with Anders Principal + Tax Sean McKenzie in addition to the following:
- What qualifications a business must meet to apply for an ERTC
- How a business can use both PPP and ERTC, with some important exceptions
- How you can recoup tax savings from 2020 and 2021 by amending past tax filings.
- What businesses who only experienced a partial shutdown during the coronavirus pandemic should watch out for
Tune in to the full episode on Spotify or Apple Podcasts.
ABOUT BUT WHO’S COUNTING?
Brought to you by Anders CPAs + Advisors, But Who’s Counting? is a podcast designed to provide real-world takeaways and examples of how business owners and C-suite executives can improve areas of their business. Podcast host and Anders Partner and Director + Advisory, David E. Hartley, sits down with fellow advisors and subject matter experts to share what they’re seeing in the marketplace and actionable advice business leaders can use to empower growth today and in the future.
Listen to But Who’s Counting? by subscribing on Spotify or Apple Podcasts and let us know what you think by rating and reviewing. Check out all the episodes of But Who’s Counting? on our website.All Podcasts