Similar to PPP, the Employee Retention Credit is a form of Covid relief that was passed to help businesses and keep workers employed. We have noticed that many companies who qualify do not know they qualify. The credit comes in the form of a cash refund and is in the amount of up to $26,000 per employee. Businesses can qualify by passing either test: 1. partial suspension of operations during 2020 and 2021 (capacity restrictions, spacing restrictions and other government restrictions allow businesses to qualify) or 2. a revenue decline test for 2020 and 2021. Did you know you can still claim the Employee Retention Credit (ERC), going all the way back to Q1 2020? Even if you got a PPP Loan!? The business community has been painfully impacted by the pandemic, and businesses in Maryland, and beyond, have been able to claim the ERC to help maintain their payrolls and navigate the uncertainty. Even if your revenue didn’t drop, you may have experienced a partial suspension in operations that would make you eligible. Join our speakers to discuss ERC and eligibility for the credit, and how businesses frequently meet the criteria.
Panelists:
Rebecca Sheppard, Esq., Director, Frost Law
Rebecca provides tax solutions for individuals and businesses including limited liability companies, partnerships, and corporations. She is well versed in the intricacies of individual and corporate income tax, motor fuel tax, business license revocation, tax relief and collection issues, appeals, and state and local tax matters.
J. Peter Haukebo, Esq., Director, Frost Law
Peter’s practice focuses on the areas of tax controversy and planning and business transaction matters. He’s been representing individuals and businesses including corporations, partnerships, and limited liability companies since 2012. Peter’s background includes licensing, mergers and acquisitions, wills and trusts, estate planning, corporate governance, and settling/resolving tax disputes between clients and collections agencies such as the IRS.
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