COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.
Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.
January 11, 2021
The latest COVID-19 relief legislation, Economic Aid Act, or “EAA,” includes significant enhancements to the ERTC for small businesses. The ERTC is a refundable payroll tax credit available to employers whose operations were impacted by a COVID-19 governmental order or that experienced a significant reduction in gross receipts. The bill enhances the 2020 ERTC program and creates a new ERTC program effective through June 30, 2021.
Employers may use these credits to offset federal payroll tax deposits or get refunds for payroll tax deposits made previously. Eligible payroll deposits include employee FICA and income tax withholding components. Employers may also request an advance credit on Form 7200.
Please contact your payroll company ASAP to see what their process is for taking advantage of these credits if you qualify. The Q4 2020 reports are due January 31, 2021. You will also need to know what the process is for the 2021 reports.
While this legislation is welcome for small business owners, the last minute nature of this legislation will create challenges for payroll companies and businesses to take advantage of it for 2020. The key is to contact your payroll tax preparer now to determine their process for taking the credit and determine your eligibility. Please let us know if there is supporting information we can help you with as well. As always, we will continue to help and support you during this difficult time.
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