Employee Retention Tax Credit

Immediate Tax Savings Opportunity 

The Employee Retention Tax Credit (ERTC) is a refundable payroll tax credit for businesses and nonprofits that experienced a shutdown to comply with government COVID-19 orders.  The credit also applies to businesses with a 50% reduction in gross receipts when compared to the same quarter in 2019. The credit is worth $5,000 per employee, per year, and may result in substantial savings and a refund. 

All Kansas employers should immediately assess their situation to determine eligibility and how much savings can be claimed. Review our 2020 Employee Retention Tax Credit Self-Assessment Tool to determine eligibility.

Expanded Saving Opportunities in 2021

The recently enacted COVID-19 relief bill extended the credit through June 30, 2021, and enhanced the value by increasing the per employee savings maximum to $14,000 per 2 quarter period. The eligibility criteria were modified to permit those with a 20% reduction in business in a 2021 quarter, when compared against 2019, to participate. Since it is a refundable credit, any amount which exceeds liabilities will be refunded.

Looking ahead, it is important to be prepared at the end of the first and second quarters to claim the credit. Remember, you do not have to wait until year-end to claim the savings. Review our 2021 Employee Retention Tax Credit Self-Assessment Tool to determine eligibility.

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    Auditors | Accountants | Consultants | CPAs – Adams Brown is a Certified Public Accounting firm serving high net worth individuals and businesses across the central United States, including Kansas and Arkansas offices in Wichita, Kansas City, Great Bend, Colby, Hays, McPherson, and Jonesboro (AR). The firm provides a variety of tax, audit, consulting, and advisory services to guide businesses toward their goals.  Key industries served include agriculture, construction, government municipalities, professional services, and manufacturing.  To help businesses recover from the COVID-19 pandemic, we provide a variety of consulting services including outsourced accounting, cash flow planning, and comprehensive tax review.