We got some great news this morning. The House has voted 219-212 to extend the Employee Retention Credit through December 31, 2021 as part of the $1.9 Trillion Covid relief bill. If it passes the Senate next week it will very likely be signed by the President shortly after. The Employee Retention Credit is a 70% refundable payroll tax credit on up to $10,000 of qualifying wages per quarter in 2021 for qualifying companies. Under the new bill, Companies qualify if they have a reduction in revenue of 20% or more for any quarter in 2021 through December 31, 2021 when compared to the same period in 2019. Employers that had 500 or less full time employees in 2019 can apply the 70% credit on the qualifying wages for every employee in the qualifying quarter of 2021. Contact us so we can help you understand if you qualify and how to apply for these valuable benefits.
About the Author
Jason Melillo, CPA, Principal
Tax, Tax Specialty Services, Financial Services
Jason Melillo, CPA is a Principal of KROST. Jason is the practice leader of the firm’s Assurance and Advisory practice. His areas of expertise range from Real Estate and Foodservice industries to Technology and Business Consulting. » Full Bio