Orca Digitals

Hi, once again and to espouse the benefits that are out there for much of thebusinesses that have been impacted by the pandemic. What we're discovering is that tax professionals are missing out on these credits for their clients they're not able to determine that the clients are qualified due to the fact that they think that if they haven't lost money during the pandemic then they aren't eligible for the credit and that's just simply not the case and the creditis approximately thirty 3 thousand 000 per employee and that's a refundable credit that's cash in your pocket that's something to look for. We want to make sure that everybody is looking out for it and if it's possible to assist youget the credits. Exactly how It Functions The firstmisconception that professionals have is that if you were eligible for a ppp loan and you got forgiveness on that loan you are not eligible for the employee retention credit this is false. If someone makes twenty tho...

   The employee retention credit (ERC) helps employers retain their employees and offset the cost of providing health care benefits during these difficult economic times. The ERC is a refundable tax credit against certain employment taxes equal to 50% of qualified wages paid from March 13, 2020 through December 31, 2020. Qualified wages are limited to $10,000 for each employee for all calendar quarters. Eligible employers can claim the ERC on Form 941 when filing their quarterly employment tax returns. Employers must have experienced either:   • A full or partial suspension of operations due to an order from an appropriate governmental authority limiting commerce, travel or group meetings due to COVID-19; or • A significant decline in gross receipts compared to the same quarter in the prior year. To be eligible for the ERC, employers must claim an employer portion of Social Security tax on wages paid after March 12, 2020 and before January 1, 2021. The credit is available for both f...