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  • Employee Retention Tax Credit Update

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  • Employee Retention Tax Credit Update

    Calling all businesses!

    Employee Retention Tax Credit Update

    • Do you have employees?
    • Were you required to fully or partially shut down due to the pandemic?
    • Were your quarterly revenues in 2020 less than 50% of the same quarter in 2019?
    • Did you receive a PPP Loan?
    • Have you been told you don’t qualify for the Employee Retention Tax Credit (ERTC)?

    The Taxpayer Certainty and Disaster Tax Relief Act of 2020, which was signed into law on December 27, 2020 made changes to the ERTC. The changes provided for additional eligibility to take the ERTC.

    We have been hearing from our clients that use a payroll service, that their payroll service has not approached them in amending their Forms 941 to take advantage of the additional eligibility. This is unfortunate, as this is what you pay your payroll service to be knowledgeable and proactive about.

    The ERTC is a complicated credit but can help your cash flow in these uncertain time. If you think you qualify, please call our office. We are well equipped to help you obtain this credit for your business. If you answer yes to either of these questions, you may qualify.

    • Were your 2020 gross receipts (per quarter) less than 50% of the same quarter in 2019?
    • Were you required to fully or partially shut down in 2020 due to the pandemic?

    The credit is based on qualified wages (up to $10,000 per employee) adjusted for any PPP loan funds used to pay those employees. Please give our office a call to take advantage of this generous tax credit!


    Kimberly Williams | 02/19/2021