We got some great news this morning. The House has voted 219-212 to extend the Employee Retention Tax Credit through December 31, 2021, as part of the $1.9 Trillion COVID Relief bill. If it passes the Senate next week it will very likely be signed by the President shortly after. The Employee Retention Tax Credit is a 70% refundable payroll tax credit on up to $10,000 of qualifying wages per quarter in 2021 for qualifying companies. Under the new bill, Companies qualify if they have a reduction in revenue of 20% or more for any quarter in 2021 through December 31, 2021 when compared to the same period in 2019. Employers that had 500 or less full time employees in 2019 can apply the 70% credit on the qualifying wages for every employee in the qualifying quarter of 2021. Contact us so we can help you understand if you qualify and how to apply for these valuable benefits.
About the Author
Jason C. Melillo – Principal
Jason Melillo is a Principal and Local and Wage Based Incentive practice leader at KBKG. His areas of expertise are Local Incentives, Employment Tax Credits which includes Employee Retention Tax Credit and other employment credits. » Full Bio