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Employee Retention Credit Qualifications | 2022 Eligibility Assessment Updated

The Employee Retention Tax Credit (ERTC) has been amended several times, with changes to the eligibility requirements making it one of the largest relief programs in American history, and leaving business owners unsure if they qualify. A new 10-question assessment launched by Free Tax Cash can help employers to find out if they are eligible for rebates, in about one minute.

To use the no-cost assessment, or to learn more about ERTC, please visit https://www.freetaxcash.com

In partnership with a team of ERTC specialist CPAs, Free Tax Cash has also launched a new 15 Minute Refund program that makes it easier for companies to claim rebates after taking the eligibility assessment. Eligible employers will receive a link to a secure portal where they can get help from the CPA team to complete their claim, with a guaranteed maximum rebate.

The most significant changes to the ERTC program happened in December 2020, with the passing of the Consolidated Appropriations Act. It allowed employers with up to 500 full-time staff on average to apply, as well as companies that have already received a loan through the Paycheck Protection Program.

The same amendment reduced the amount of financial losses required to qualify. Originally a company would have to suffer a 50% loss in gross receipts, compared to the same fiscal quarter of the previous year, but that was reduced to only 20% losses for 2021. Businesses may also qualify for a rebate if they were closed at any point during the pandemic due to government orders, such as a lockdown.

Many employers are unaware that they can also be eligible for tax credits if they suffered a partial shutdown, for any number of reasons. This can include supply chain issues, or being required to operate at a limited capacity. For example, many restaurants are eligible for rebates if they had to close their dining rooms and offer takeout only.

New businesses founded during the pandemic can claim tax credits if they have gross receipts of less than $1 million, and at least one employee who is not a family member or 50% owner. The program is also open to startups and non-profit organizations, including churches, schools, and hospitals.

The Free Tax Cash 15 Minute Refund program is open to all eligible employers, with the guaranteed maximum allowable rebates, and audit-proof documentation.

For more information about the 15 Minute Refund program, please visit https://www.freetaxcash.com

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