VeriFlipp Announces That Under The Updated CARES Act Businesses Have 3 Years To Amend A Previous Filed 941 To Apply For ERC Credit

January 20 15:42 2022

Your business may be eligible for an Employee Retention Tax Credit of up to $26,000 per employee if it has been affected by the COVID 19 pandemic. This is not a loan, it’s money you can spend however you wish. The ERTC program is available to businesses that accepted a Paycheck Protection Program (PPP) loan. Take advantage of this wonderful opportunity.

About Employee Retention Credit under the CARES Act signed into on March 27, 2020:

Section 3134 of the Internal Revenue Code was changed on November 15, 2021, to limit the Employee Retention Credit to salaries earned before October 1, 2021, unless the employer is recovering from starting a business. VeriFlipp announces that under the updated CARES Act businesses have 3 years to amend a previous filed 941 to apply for ERC Credit

The Employee Retention Tax Credit is a refundable tax credit against certain employment taxes equal to 50% of qualified wages paid to employees by an eligible firm between March 12, 2020, and January 1, 2021. Employers who are eligible for the credit can get it right away by reducing the amount of employment tax deposits they are required to make. In addition, if the employer’s employment tax deposits are insufficient to satisfy the credit, the IRS may give the employer an advance payment.

Wages (including some health plan expenditures) up to $10,000 can be counted for each employee to determine the amount of the 50% credit. Many struggling employers can receive this benefit by lowering upcoming contributions or requesting an advance credit on Form 7200, Advance of Employer Credits Due to COVID-19, because it can apply to wages previously paid beyond March 12, 2020.

About Qualified Wages:

The definition of qualified wages is determined by the number of employees employed by an eligible firm.

Qualified wages are generally those earnings (up to $10,000 per employee) provided to employees who are not providing services because operations have been ceased or because gross receipts have decreased if a firm averaged more than 100 full-time employees in 2019. These employers can only count wages up to the amount an employee would have been paid for working a comparable amount of time in the 30 days prior to the period of economic hardship.

If an employer has 100 or fewer full-time employees on average in 2019, eligible wages are those earnings (up to $10,000 per employee) paid to any employee during the period operations were ceased or gross receipts declined, regardless of whether those employees were delivering services.

About VeriFlipp:

At VeriFlipp powered by ERC Today, the CPAs, JDs, and payroll experts possess decades of experience in the accounting and professional services industries. Combining this experience with their deep technical expertise, we developed a cutting-edge platform designed to simplify the ERC process and maximize the refundable credit for employers who took one or both PPP loans.

We are a full-service accounting firm specializing in Employee Retention Tax Credit (ERTC) and compliance. Everyone on our team has the professional qualifications required to give you the very best service and advice in all areas of personal and business tax.

ERC Today:

ERC Today works with companies Nationwide to maximize their Employee Retention Credit (ERC). Upload your 941 returns, PPP loan documents, and raw payroll data through their secure portal. Using their expertise, they will calculate the exact value of the credit you can receive from the IRS. They prepare and file 941-X Amended payroll returns and assist businesses in applying for the Employee Retention Tax Credit.

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Company Name: VeriFlipp – E.R.T.C. Specialist
Contact Person: Media Relations
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Phone: (855) 981-1819
Address:15880 Summerlin Rd Ste 300, PO Box 310
City: Fort Myers
State: FL 33908
Country: United States