The Employee Retention Tax Credit is available for all New York City Businesses still operating in their existing business as they were before and during the COVID Crisis that hit as a world-wide pandemic in the Winter and Spring of 2020.
Many businesses were forced to shut-down and close temporarily to customers to assist in the reduction of this virus. Many precautions were put in place and everyone and every business were expected to participate.
Most employers, including colleges, universities, hospitals and 501(c) organizations following the enactment of the American Rescue Plan Act, can qualify for the credit.
Previously, the Consolidated Appropriations Act expanded qualifications to include businesses who took a loan under the Paycheck Protection Program (PPP), including borrowers from the initial round of PPP who originally were ineligible to claim the tax credit.
Qualification is determined by one of two factors for eligible employers — and one of these factors must apply in the calendar quarter the employer wishes to utilize the credit:
Remember, the credit can only be taken on wages that are not forgiven or expected to be forgiven under PPP.
When determining the qualified wages that can be included, an employer must first determine the number of full-time employees.
For the purposes of the employee retention credit, a full-time employee is defined as one that in any calendar month in 2019 worked at least 30 hours per week or 130 hours in a month (this is the monthly equivalent of 30 hours per week) and the definition based on the employer shared responsibility provision in the ACA.
Employee Retention Credit — The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the employee retention credit (and the availability of certain advance payments of the tax credits) under section 2301 of the CARES Act until June 30, 2021.
The American Rescue Plan Act, enacted March 11, 2021, added section 3134 to the Internal Revenue Code to amend and extend the employee retention credit (and the availability of certain advance payments of the tax credits) until December 31, 2021.
Plan on filing your ERTC before the deadline of 2024, many policies and measures have changed since the launch of the Employee Retention Tax Credit.
You want to make sure that you file your claim for your business using the right procedures and claim forms and that you are claiming the right expenses.
ERTC Express will guide you every step of the way and advise which information you need to determine how much you could receive. We know how to submit your claim properly, the could easily write this expense off as a normal cost to your business, so it doesn't really cost you anything and you have nothing to worry about when you have the right people doing the work for you.
Many businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit.
Paid Leave Credit for Vaccines — The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. The ARP tax credits are available to eligible employers that pay sick and family leave for leave from April 1, 2021, through September 30, 2021. For more Information see our fact sheet.
Employee Retention Credit — The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the employee retention credit (and the availability of certain advance payments of the tax credits) under section 2301 of the CARES Act until June 30, 2021. The American Rescue Plan Act, enacted March 11, 2021, added section 3134 to the Internal Revenue Code to amend and extend the employee retention credit (and the availability of certain advance payments of the tax credits) until December 31, 2021. See Notice 2021-20PDF, Notice 2021-23PDF, Notice 2021-49PDF, and Revenue Procedure 2021-33PDF for guidance on the employee retention credit for calendar quarters in 2020 and 2021. See the Employee Retention Credit limitations.
Sick and Family Leave Credits — COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses: COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses. The COVID-Related Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the tax credits for paid sick and family leave under sections 7001-7005 of the Families First Coronavirus Response Act. . More information is available in the Tax Credits for Paid Leave Under the American Rescue Plan Act of 2021 for Leave After March 31, 2021 FAQs.
An employee who is unable to work because of a need to care for a child whose school or place of care is closed or whose child care provider is unavailable due to the coronavirus, is also entitled to paid family and medical leave equal to two-thirds of the employee’s regular pay, up to $200 per day and $10,000 in total. Up to ten weeks of qualifying leave can be counted towards the family leave credit.
An employee who is unable to work (including telework) because of coronavirus quarantine or self-quarantine or has coronavirus symptoms and is seeking a medical diagnosis, is entitled to paid sick leave for up to ten days (up to 80 hours) at the employee’s regular rate of pay, or, if higher, the Federal minimum wage or any applicable State or local minimum wage, up to $511 per day, but no more than $5,110 in total.
Eligible employers are entitled to receive a credit in the full amount of the required sick leave and family leave, plus related health plan expenses and the employer’s share of Medicare tax on the leave, for the period of April 1, 2020, through December 31, 2020. The refundable credit is applied against certain employment taxes on wages paid to all employees. Eligible employers can reduce federal employment tax deposits in anticipation of the credit. They can also request an advance of the paid sick and family leave credits for any amounts not covered by the reduction in deposits. The advanced payments will be issued by paper check to employers.
ERTC can be claimed by any New York City business, you want to make sure you are filing your claim properly with all the right forms and procedures, hire the experts at ERTC Express to ensure accuracy of your claim.
ERTC Express website will provide the details of what steps you have to take, visit our site right now and get the facts and start your ERTC Journey today.
If your business suffered losses of any kind, you had less sales, you had to pay employees for staying home or they were sick from COVID.
You had to close your doors and you were forced to do business in a different way.
Find out from any government website to see which claim form or expenses qualify for the ERTC program that ends in 2024.
The ERC is now available for all four quarters of 2021. The amount of the maximum tax credit has been increased to $7,000 per employee per quarter, and the level of qualifying business disruption has been reduced so that a 20% decline in gross receipts during a single quarter will make a business eligible, for a maximum benefit of $28,000 for the full year.
ERTC and American Business Consulting are working in partnership to assist New York City Businesses to complete their Tax Credit before the deadline in 2024, so you don’t have a lot of time to wait, do this right away so you get your refund as soon as possible.
ERTC has helped many businesses to get their refund quickly and with no errors. We have the track record and the experience to complete this for your New York City Business.
We are sure that there are a lot of New York City businesses that could use the extra money right now.
Many people are trying to rebuild their businesses, the whole business environment has changed since COVID almost destroyed our economy and way of doing business.
Business is slowly normalising, but the fear and the disease is still out there, so you still don’t know what will happen next.
Getting extra funds right now will help rebuild and be prepared for what may happen next.
File your claim today and get the experts at ERTC do all the work for you, there is a simple form to fill on our site, do this and we will help you the rest of the way.
There are many businesses and organisations that have already received their cheques that are filed with ERTC Express.
They are so glad and grateful and can’t stop talking about this Government support program that they never knew existed. They were searching on the internet when they came across a website that was developed by American Business Consulting and ERTC Express. They filled out the form on the website and got the process going.
Working with ERTC Staff was pretty simple, they provided the instructions on the information that they required so they can calculate my return. We were just floored when we heard how much we qualified.
We had their experts take the process from start to finish and we were very glad that we did, we don’t have time for all this stuff and we didn’t know what we were doing in the first place.
ERTC Express has the experience to complete your claim from start to finish until you receive a check for your business.
The partnership between ERTC Express and American Business Consulting is one that will all New York City Businesses. ABC markets online and reaches out to all businesses in the area through search on the internet. ABC creates many opportunities to marketing the ERTC program online through social channels, local websites, google ads, facebook ads and many popular social channels.
ERTC Express is creating many beneficial partners with marketing companies and individuals to help get the word out to all New York City Businesses.
Receive a complimentary analysis from our experts who will help you determine the number of tax credits your business may be eligible to receive. Visit our website and fill out the form today..
Sick and Family Leave Credits — COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses: COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses. The COVID-Related Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the tax credits for paid sick and family leave under sections 7001-7005 of the Families First Coronavirus Response Act. . More information is available in the Tax Credits for Paid Leave Under the American Rescue Plan Act of 2021 for Leave After March 31, 2021 FAQs.
An employee who is unable to work because of a need to care for a child whose school or place of care is closed or whose child care provider is unavailable due to the coronavirus, is also entitled to paid family and medical leave equal to two-thirds of the employee’s regular pay, up to $200 per day and $10,000 in total. Up to ten weeks of qualifying leave can be counted towards the family leave credit.