Did you take a Payroll Protection Plan (PPP) loan? If so, you weren't able to claim an Employee Retention Credit (ERC) on your payroll tax forms. That changed when the newest COVID relief bill was signed by the President over the weekend - you may now claim both.
The credit covers payroll taxes paid between March 12, 2020 and December 1, 2020 by employers impacted by government orders that caused a full or partial closure of their business due to COVID-19 or who experienced a significant decline in revenue because of COVID-19. The credit can be claimed when fourth quarter payroll tax forms are completed.
Turner's Tax Service does not provide payroll tax services but is highlighting this change to be of help to our small-business income tax clients. We recommend you immediately contact your payroll tax provider for eligibility details and instructions on how to claim this additional credit.
The credit covers payroll taxes paid between March 12, 2020 and December 1, 2020 by employers impacted by government orders that caused a full or partial closure of their business due to COVID-19 or who experienced a significant decline in revenue because of COVID-19. The credit can be claimed when fourth quarter payroll tax forms are completed.
Turner's Tax Service does not provide payroll tax services but is highlighting this change to be of help to our small-business income tax clients. We recommend you immediately contact your payroll tax provider for eligibility details and instructions on how to claim this additional credit.
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