Significant COVID Relief Tax Credit Could Be Part of Your Tax Preparation
With U.S. individuals and businesses filing taxes in April, HPBA wants to again remind our members about a tax credit that has flown under the radar for some: the Employee Retention Tax Credit (ERTC). This fully refundable tax credit can be claimed on qualifying employees’ wages for parts of 2020 and 2021. In total, the tax credit can range as high at $26,000 per qualifying employee over this two-year span. Even if you did not claim the credit when filing 2020 or 2021 taxes, there is a three-year look-back provision – this means you can still take full advantage of this significant credit.
We encourage you to read our ERTC blog post. We are happy to answer as many questions as we can on the tax credit for members – you can contact HPBA’s Ryan Carroll – but HPBA cannot provide any tax advice on the matter. Please contact your accountant, payroll processors, or tax experts for advice on filing.