Employee Retention Tax Credit (ERTC) Updated for 2022

Updated: October 1, 2022

  

Retention Tax Credit

Did you keep your employees during the pandemic? You may qualify for up to $26,000 per employee by claiming the ERTC.

The  was enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to support small business owners through the government-imposed shutdowns. The level of reimbursement was initially capped at $5,000 per employee in 2020.

Additional legislation, passed in 2021 under the Consolidated Appropriations Act (CAA) and the American Rescue Act (ARP), expanded ERTC eligibility and allowed eligible employers to claim up to $7,000 per employee. This legislation was amended by the Infrastructure Bill (H.R. 3684), passed in November 2021. Previously, companies could claim this tax credit for all of 2021, but now they are limited to Q1 – Q3 of 2021.

The IRS has not issued guidelines for companies who’ve already claimed advanced payments for Q4 2021, but Strike is prepared to support its clients no matter how the legislation is amended.

How Can Small Businesses Get Post-pandemic Help?

This tax credit supports small businesses that were affected by the COVID-19 pandemic. Government-imposed shutdowns, at all levels of government and across all industries, affected millions of small businesses. The IRS defines eligible employers as those whose “operations that have been partially or fully suspended due to governmental orders due to COVID-19, or businesses that have a significant decline in gross receipts compared to 2019.”

You most likely qualify 

Full or partial shutdown

Reduction in operating hours

Supply chain disruptions

Inability to work
onsite or visit clients

Distribution interruptions

 

To get more information call 1-866-223-0190

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