The COVID-19 pandemic has had severe impacts on every industry across the globe and due to government restrictions, businesses experienced drastic revenue declines. In this week's episode of Grow Money Business, we will discuss the employee retention tax credit, introduced to help those businesses that struggled through the pandemic. Throughout the episode, we dive into what ERTC is, how it works differently in 2020 and 2021, who can apply for it, and the payroll information form.
Show Notes
[3:00] In the Media - The ETRC has been making headlines for both positive and negative reasons. Grant explains some of the current conversation and controversy around companies that are offering to assist with amending tax returns to capture the ETRC.
[05.50] ETRC Overview – Grant dives into the ERTC, who can apply it, and how people can try to claim the credit retroactively.
[11.00] How it works – Grant shares how the tax credit works and how it differs in 2020 and 2021.
[13.05] Payroll information form – Grant explains the 940 payroll information forms that you need to submit to IRS to get the tax credit.
Resources
As Pandemic Aid Dries Up, Businesses Chase Covid Tax Credit –
What Is the Employee Retention Credit For 2022? –
https://www.payscale.com/compensation-trends/what-is-the-employee-retention-credit/