The Employee Retention Credit might be bigger and better than PPP in my opinion. When you get the employee retention credit, the Fed is going to send you another $7,000 per employee for the FIRST TWO QUARTERS of 2021. You can claim the employee retention credit by filing an amended Form 941, an original Form 941, or by filing Form 7200.
You can get this is in addition to the PPP if you plan correctly…
This is tax planning 101 here…
It’s all broken down here in this video (just click the link):
The Employee Retention Credit Significantly Expanded in 2021
In this video I discuss:
- How to qualify for the employee retention credit
- The truth about how the PPP impacts the employee retention credit
- The correct way to get $7,000 per employee in 2021 for the first two quarters.
After you watch you might be wondering what do you need to do?
1) Were you shut down in some way in 2020 or revenue decreased by 50% for any quarter compared to 2019? If so, you might qualify for the $5,000 credit in 2020… we can amend.
2) Do you anticipate revenue to be down 20% compared to the same respective quarter in 2019? If so, we can apply for an ADVANCE or we can wait to file at the end of the quarter… this mean you shouldn’t file until we review.
Joe Gallegos, CPA/CVA
Partner-in-Charge · JAG CPA & Co.
Author of The Ultimate Guide to Choosing a CPA
THE HOUSTON CPA
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Public accounting since 2012 · Big Four background
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