Employee Retention Tax Credit: A Hands-On Guide to Maximizing the Latest Tax Benefit Self-Study Webinar (1.5 Hours)

Overview: 

The new Employee Retention Credit (ERC) offers a substantial refundable tax credit to qualified employers, including those who plan to apply for forgiveness of Paycheck Protection Program (PPP) loans. Designed to help businesses impacted by COVID-19, the latest legislation increases the ERC limit on per-employee creditable wages, reduces year-over-year gross receipts decline, and is open to new employers who were ineligible before. In this self-study webinar, we will show you how to:

  • Maximize the tax benefits of ERC, together with PPP loan forgiveness and other government programs
  • Compute the ERC for 2020/2021
  • Claim the tax credit for 2020/2021
Objective: 

To provide tax professionals and qualified business owners with guidance on how to maximize the tax benefits of the Employee Retention Credit (ERC), together with Paycheck Protection Program (PPP) loan forgiveness and other government assistance programs.

Emphasis: 
  • What is Employee Retention Credit?
    – Qualifications
       – Full and partial shutdowns
       – Significant decline in gross receipts
  • Updates for 2021
    – ERC rate
    – Year-over-year gross receipts
    – Increased limit on per-employee creditable wages
    – Employers with 500 or fewer employees
    – New employers
  • ERC Recap 2020/2021
    – Group health plan expenses
    – PPP borrowers who qualify for ERC
    – Potential tax credits
    – Wage/credit caps
    – FTE employee threshold
  • Qualified Wages
  • Qualified Employers
    – Employers of any size
    – Eligibility for tax-exempt employers
    – Self-employed individuals
  • Impact of Other Programs
    – Work Opportunity Tax Credit (WOTC)
    – Paycheck Protection Program (PPP)
    – Business deductions
  • Claiming the Credit
    – First and second quarters of 2021
    – ERC 2020

Identify the basic ERC computation both before and after the CAA

Recognize the extensions to creditable quarters by both the CAA and the ARPA

Identify the original and expanded maximum credit available per employee

Recognize the original and decreased gross receipts factor applicable in determining eligible employers

Recognize the distinction between “small” and “large employers” when determining qualified wages
 

Bottom
Price: 
$89.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
1.50
NASBA Field of Study: 
Taxes