In 2020, the federal government passed the CARES Act, creating pandemic relief programs that have now ended, except for the Employee Retention Tax Credit (ERTC) program. Riverline Tax Solutions has updated its rebate service to help employers take advantage of this remaining relief fund, allowing them to claim up to $26,000 per W-2 employee in rebates.
For more information about the ERTC program or Riverline Tax Solutions, please visit https://riverlinetax.com
The updated rebate service from Riverline Tax Solutions can help employers to claim their rebates, even if they have already received a loan through the PPP. While other pandemic relief programs, such as the popular Paycheck Protection Program (PPP) offered business owners loans, the ERTC provides companies with a refund on their taxes, which never needs to be repaid.
When the pandemic relief programs were first created in 2020, this would not have been possible, and employers could claim either PPP loans, or ERTC rebates, but not both. When the Consolidated Appropriations Act was passed later that year, it allowed employers to receive funds through both programs.
The new service helps business owners get access to ERTC rebates fast. For 2020, employers can claim up to $5,000 per employee, or 50% of the first $10,000 of qualifying wages. The amount was increased in 2021, allowing companies to claim up to 70% of the first $10,000 in qualifying wages, or $7,000 per employee, per quarter. Throughout the duration of the ERTC, which ended in September 2021, employers may be eligible for up to $26,000 per employee.
The program provides rebates to corporations and non-profit organizations, as long as they meet the ERTC requirements. To qualify, a business must have closed or suspended operations because of government orders, such as a lockdown, or suffered financial losses because of the pandemic. To determine if a company is eligible, and how to maximize its rebate, experts suggest consulting a qualified CPA or tax professional.
New businesses can also claim pandemic relief funds through the ERTC program, though they have a different set of requirements. To qualify as a Recovery Startup Business, a company must have begun business after February 25th, 2020, have at least one employee who is not a family member or 50% owner, and have gross receipts of less than $1 million.
To speak to an ERTC expert, or to learn more about claiming rebates in 2022, please visit https://riverlinetax.com
Riverline Tax Solutions, LLC
8951 Cypress Waters Blvd, Suite 160
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Daily Pune journalist was involved in the writing and production of this article.