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There's Still Time to Claim ERTC - But Should You?
Manage episode 393532043 series 3546363
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Considering applying for the Employee Retention Tax Credit (ERTC)? Businesses looking to recoup tax savings thanks to extended ERTC rules should be cautious of gray areas in IRS guidance and offers too good to be true. Businesses who previously passed on the CARES Act program may be tempted to give ERTC a second glance, but there are important stipulations that must be met to avoid a costly investigation from the IRS later.
But Who’s Counting? host David E. Hartley discussed the ins and outs of the ERTC with Anders Principal + Tax Sean McKenzie in addition to the following:
· What qualifications a business must meet to apply for an ERTC
· How a business can use both PPP and ERTC, with some important exceptions
· How you can recoup tax savings from 2020 and 2021 by amending past tax filings.
· What businesses who only experienced a partial shutdown during the coronavirus pandemic should watch out for
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