ScottHall.co has launched a new service to help small businesses maximize their tax returns in 2021-22. Business owners can now easily check their eligibility for the Employee Retention Tax Credit.
New York, United States, Dec. 18, 2021 (GLOBE NEWSWIRE) — Business owners who retained employees during the pandemic can now apply for the extended Employee Retention Tax Credit (ERTC). Designed to help small businesses, it refunds the payroll costs spent on those employees.
More details can be found at https://scotthall.co/employee-retention-tax-credit
In response to the ongoing economic impacts of the pandemic, the American Rescue Act changed IRS regulations, making employee retention tax credits available to millions of additional businesses. ScottHall.co can now help clients secure their ERTC tax credits so that they can weather the challenging economic uncertainty.
In its 2020 format, the employee retention credit program provided refunds of $5,000 per employee for eligible employers. Revisions in 2021 saw this increase to as much as $21,000 per employee, calculated across wages paid in Q1, Q2, and Q3.
The purpose of the employee retention tax credit is to help small businesses keep their staff during challenging times. As ScottHall.co now points out, companies with less than 500 employees, including non-profits and startups, could qualify for the program.
While paycheck protection program (PPP) borrowers were not eligible for ERTC in 2020, those restrictions were removed in the 2021 guidelines. This revision has led many businesses to seek further information and assistance with ERTC applications.
ScottHall.co explains that while many business owners believe that they will have to pay back the amount they receive through the Employee Retention Tax Credit, this payment is actually a check. As the payment is not a loan, once a business owner obtains the ERTC they can use those funds for whatever they need them.
ScottHall.co aims to assist small businesses in understanding and applying for the employee retention credit. Clients are provided with a dedicated account manager who helps them collate the necessary documents and file 941-X amended payroll returns.
A spokesperson for the company said: “Don’t worry, you might still be eligible. You may have heard that PPP borrowers are not eligible. Although this was true when the bill was originally passed in 2020 but the guidelines have changed since then.”
Interested parties can learn more by visiting https://employeetaxrefund.com