The Employee Retention Credit allows eligible employers, including non-profits, to claim a tax credit against qualified wages paid to full-time employees. The allowed credit is 50% of wages paid per quarter, up to $10,000 per employee annually, for wages paid between March 13, 2020 – December 31, 2020. The maximum credit is $5,000 per employee for 2020. In December of 2020, under the Covid-19 Relief Package, the ERC was extended from January 1, 2021 – September 30, 2021. This extension allows eligible employers to claim a credit against 70% of wages paid per quarter, up to $10,000 in wages per employee for 2021. This results in a maximum allowable credit of $26,000 per full-time employee.
Wednesday Oct 26, 2022
October 26, 2022 South Oklahoma City Chamber of Commerce
Ken Bonzo (214) 274-5144 or
Chase Grant (405) 276-4552
Employee Retention Credit – How do businesses qualify?
A full or partial suspension of the operation of their trade or business during this period because of governmental orders limiting commerce, travel or group meetings due to COVID-19, or
A decline in gross receipts in a calendar quarter in 2021 where the gross receipts of that calendar quarter are less than 80% of the gross receipts in the same calendar quarter in 2019 (to be eligible based on a decline in gross receipts in 2020 the gross receipts were required to be less than 50%).
Top three responses from potential clients when asked about the Employee Retention Credit:
Education is critical for small business owners and non-profit organizations to understand the ERC and the possible amount of funding available to them. The last governmental estimate shows less than 10% of eligible businesses have applied. Please join us for an overview of the ERC program and how your organization may be eligible to receive ERC funds.
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Date and Time
11:00 AM - 1:15 PM CDT
Two sessions available
Location
701 Southwest 74 Street, 73139Contact Information
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