Description

Don’t’ do any 941’s until you attend this webinar

Monday, April 19, 2021, 10:00 am to 1:00 pm  CE 3 hours

The Employee Retention Tax Credit (ERTC) is probably the most significant tax issue facing tax professionals as they get ready to prepare 941’s for the first quarter of 2021. The Consolidated Appropriations Act of 2020 greatly expanded the ERTC to 70% of the first $10,000 of wages paid to an employee PER QUARTER, compared to the 2020 ERTC which allowed a 50% credit based on a limit of $10,000 per employee FOR THE ENTIRE YEAR.

The 2021 ERTC is also available to more employers, as the 50% reduction in gross receipts test (50% decline in gross receipts for any calendar quarter in 2020 compared to the same quarter in 2019) was lowered to a 20% reduction in gross receipts.

The interaction of which wages are used for PPP forgiveness, the ERTC, and the Sick and Family Leave Credits is another issue that will be covered in this webinar.

Owners of S Corporations and C Corporation wages QUALIFY for the ERTC, and many tax professionals have owners who do not take wages until the fourth quarter every year. You need to rethink this bad habit and have a discussion with your clients to take payroll in the first quarter in order to qualify for the ERTC, in the event they sustained a 20% reduction in gross receipts in the first quarter of 2021 compared to the first quarter of 2019 (pre-pandemic) or they were subject to a business shutdown or closing due to the pandemic. All of this will be covered in detail in this informative 3-hour webinar.