How Does the Employee Retention Credit Work for Family Members?

A photo depicting family business owners embracing and smiling.

Key Takeaways: The employee retention credit is a fully refundable credit to help employers retain employees Employers must meet suspension or gross receipt loss requirements to qualify for the credit Most majority owners cannot claim their wages for the ERC, though there are special cases Individuals who are closely related to the business owner usually […]

Employee Retention Credit Worksheet: Know Where You Stand

A business owner working on their employee retention credit worksheet using a calculator, pen, and notepad.

Key Takeaways: The employee retention credit helps qualifying employers keep their people on the payroll with a payroll tax credit For 2020, the limit was $5,000 per employee per year while for 2021, the cap is $21,000 per employee per year Businesses that received a loan through the payment protection program can still qualify Follow […]

Employee Retention Credit for Self-Employed (A 2022 Guide)

Cash refund from self-employed COVID tax credits.

Key Takeaways Self-employed people can claim tax credits if they were unable to work due to COVID  You can claim up to $5,110 if you missed work due to being ill or quarantined  There is up to a $10,000 credit for caring for your child if their school or daycare was closed due to COVID  […]

Coronavirus Payroll Taxes – The 2022 Guide

Coronavirus payroll taxes

During the initial impact of the pandemic, the federal government developed several stimulus programs for COVID-19. These programs aim to assist businesses through credits for coronavirus payroll taxes. The programs and numerous amendments cause confusion, with many employers missing out on the opportunity to participate. Only 8% of business owners in 2020 and 10% of […]

How to Calculate Employee Retention Credit (2022 Guide)

how to calculate employee retention credit

When the coronavirus pandemic plagued America, businesses and employees alike were both faced with a lot of uncertainty. To keep up with costs, some companies had to cut down on their employee wages, which caused even more problems for American citizens across the nation. Not only did they face becoming sick, but they also were […]

Who Qualifies for Employee Retention Credit: The Complete Checklist

who qualifies for the employee retention tax credit

When the coronavirus pandemic plagued America, it presented a plethora of challenges that many businesses, both small and large, had to navigate through. Not only did it cause businesses to shut down, but it also forced many people out of work. To help with this, the government created the employee retention credit (ERC). This credit […]

Employee Retention Credit and Owner Wages

employee retention credit owner wages

When the pandemic plagued the United States, it caused many different businesses, including S Corps and C Corps, to try to figure out ways to keep themselves and their employees afloat. Most companies assumed that only nonprofits, midsized businesses, or other entities were eligible for the ERC, but that is untrue. There is an employee […]

COVID Tax Status: Natural Disaster and More

covid tax status

When you think about natural disasters, the first things that come to mind are hurricanes, tornadoes, and earthquakes. When the pandemic plagued America, causing several businesses to shut down, many wondered, “Is COVID a natural disaster?”. Because of the destruction the disease caused, the government deemed the coronavirus a natural disaster, and soon afterward, they […]

Recovery Startup Business Definition for Tax Credits

recovery startup business

The Covid-19 pandemic has changed how we work, shop, live, and learn. For businesses, the pandemic created a new set of challenges.  From safety mandates to logistics issues to staying profitable, there are plenty of challenges for today’s business owners. The good news is that despite these challenges, a large number of new startups are […]

The PPP Loan Forgiveness Deadlines and Other Opportunities

PPP Loan Forgiveness

In 2021, there were $1.1 million worth of paycheck protection program (PPP) loans that were forgiven. This amounted to over $100 billion. If you need your PPP loan forgiven, you’re not alone. It is possible, but you do need to make sure that you submit all of your paperwork and application on time.  But what […]