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New Member
posted Mar 22, 2021 5:00:28 PM

Is anyone familiar with Employee Retention Tax Credit (ERTC) for business?

I have already filed for my business and today, I found information online about the Employee Retention Tax Credit (ERTC) for business. How do I find out if I qualify (Business down 72% last year) and how to amend my business tax return?

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1 Replies
Expert Alumni
Mar 23, 2021 10:33:02 AM

Qualification criteria can be found in the Guidance published by the IRS located in the attachment.  You will need to amend your Employer's Quarterly Federal Tax Returns for 2nd, 3rd, and 4th quarters of 2020.

 

Guidance on the Employee Retention Credit under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act (see Sec D p.27 Full or Partial Suspension of Trade or Business Operations)

 

Guidance on the Employee Retention Credit under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act (see Section E p.44 Significant Decline in Gross Receipts)