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The Employee Retention Tax Credit (ERTC) has helped many businesses retain employees and recover from the effects of the pandemic. While the Infrastructure Investment and Jobs Act retroactively ended the ERTC for most businesses, eligible companies have three years after the program ends to look back at wages paid and claim the credit. Below is a flowchart to help determine if you can still take advantage of the ERTC.
Reminders about the ERTC
- For the 2021 ERTC, qualified wages are those paid from January 1, 2021 to September 30, 2021. Qualified wages are limited to $10,000 per employee per quarter for a maximum 70% credit of $7,000 per employee per quarter.
- The recovery startup business ERTC is available only in 3Q & 4Q 2021 up to the $50,000 credit maximum each quarter.
- A recovery startup business is any employer that:
- Began carrying on a trade or business after 2/15/2020, and
- Had average annual gross receipts of less than $1 million.
Our advisors are closely following the ERTC changes and will continue to publish insights to keep you informed. If you have additional questions about the ERTC and to discuss how we can best assist you and the associated fees, contact an Anders advisor below.
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