Walk through two scenarios on how to calculate the credit
Earlier this week, we released a blog outlining the changes to the Employee Retention Credit (ERC). These changes make the credit retroactive to March 12, 2020 and allow borrowers under the Paycheck Protection Program to now be eligible.
For some practices, this could be a substantial tax credit of $20,000 or more. You qualify if operations were fully or partially suspended due to government order or if collections dropped by 50% or more in any quarter in 2020 vs. 2019.
In the new webinar, CPAs Dan Wicker, Tom Gates and Bradley Blasingame review:
- Changes to the ERC for both 2020 and 2021
- An example of a credit calculation due to government mandate closure
- An example of a credit calculation due to 50% revenue loss
- Steps dental professionals can take to prepare to claim the credit
It is our goal to ensure you are on top of the regulations. You can count on us to continue to provide updates as they are announced.