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-   -   Money Small Business People, have you heard of this? (https://www.chiefsplanet.com/BB/showthread.php?t=339199)

Rain Man 07-26-2021 07:16 PM

Small Business People, have you heard of this?
 
I'm not familiar with it, but it seems like it's pretty notable. Anyone doing this or done it? It's the Employee Retention Tax Credit (ERTC), which seems to be covid-related.

https://www.shrm.org/resourcesandtoo...ax-credit.aspx

kccrow 07-26-2021 08:01 PM

Familiar with it but we didn't meet the eligibility criteria. I'd imagine a lot of employers should though.

Rain Man 07-26-2021 08:59 PM

Quote:

Originally Posted by kccrow (Post 15756568)
Familiar with it but we didn't meet the eligibility criteria. I'd imagine a lot of employers should though.

I'd never heard of it and just happened to see an article. My company got pummeled for a couple of quarters, so this might be a really nice thing for us.

RockChalk 07-27-2021 07:54 AM

Quote:

Originally Posted by Rain Man (Post 15756659)
I'd never heard of it and just happened to see an article. My company got pummeled for a couple of quarters, so this might be a really nice thing for us.

I've prepared a lot of ERTC claims for clients. It's a very valuable credit to those who qualify, especially if they did not get in on PPP. Even if they did, it's still turned out to be a nice credit in some cases.

mililo4cpa 07-27-2021 08:09 AM

The company I worked for filed and is getting a sizable credit....and we advise our clients on this as well....

mililo4cpa 07-27-2021 08:09 AM

Quote:

Originally Posted by RockChalk (Post 15756986)
I've prepared a lot of ERTC claims for clients. It's a very valuable credit to those who qualify, especially if they did not get in on PPP. Even if they did, it's still turned out to be a nice credit in some cases.

I second this.....

chiefforlife 07-27-2021 08:53 AM

Quote:

Originally Posted by kccrow (Post 15756568)
Familiar with it but we didn't meet the eligibility criteria. I'd imagine a lot of employers should though.

Same here. It sure felt like we met the criteria but when I did the math it wasnt 50% in any one quarter.

Mr. Plow 07-27-2021 09:36 AM

Had not heard of this one - but it looks like we aren't eligible. Hope people take advantage of it.

Buehler445 07-27-2021 09:37 AM

I’ll look at it during tax season.

But I probably am ineligible.

MVChiefFan 07-27-2021 10:27 AM

I own a small people’s business. Stepladders, stools, booster seats, those sorts of things. It’s up and coming, but dwarfs in comparison to the big box stores.

kccrow 07-27-2021 09:00 PM

Quote:

Originally Posted by chiefforlife (Post 15757078)
Same here. It sure felt like we met the criteria but when I did the math it wasnt 50% in any one quarter.

Same for us. We had one quarter that was about -30% while the rest were even or better.


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