A MESSAGE FROM GILL RAGON OWEN ATTORNEYS: Keeping You Informed!
EMPLOYEE RETENTION CREDITS
_______________________________________________________________
If your business (even if it’s tax-exempt) had W-2 employees during 2020 and 2021, your business may qualify retroactively to claim Employee Retention Credits of up to $26,000 per employee.
The law recently changed to allow an employer to retroactively claim the Employee Retention Credits, even if the business obtained a PPP loan.
Now, an employer may amend its payroll tax returns (Form 941, etc.) for tax year 2020 and the first three quarters of tax year 2021 to claim the Employee Retention Credit if either:
- the business’s (or a major supplier’s) operations were impacted by a government order related to COVID; or
- the business suffered a significant reduction in revenue compared to its 2019 revenue.
We work on a contingency basis to help a business determine in a formal tax opinion as to whether your business is eligible to claim Employee Retention Credits, and, if so, to what amount of Employee Retention Credits it is entitled.
Please contact Chris Travis or Adam Reid at (501) 376-3800 to begin the process.
