Special "Make it Thursday" forum - COVID Impact Your Business? Save Cash with the Employee Retention Credit
The Employee Retention Credit (“ERC”) was significantly expanded and extended as a part of the Consolidated Appropriations Act, 2021 (“Act”). The ERC is a refundable payroll tax credit for wages paid and health coverage provided by an employer whose operations were either fully or partially suspended due to a COVID-19-related governmental order or that experienced a significant reduction in gross receipts. Notably, the Act made a retroactive change to the ERC, applicable from March 13, 2020, that may allow employers that received PPP loans may qualify for the ERC with respect to wages that are not paid with proceeds from a forgiven PPP loan. In addition to the retroactive change, the following changes to the ERC apply prospectively from January 1 to June 30, 2021:
- The ERC rate is increased from 50% to 70% of qualified wages and the limit on per-employee wages is increased from $10,000 for the year to $10,000 per quarter
- The gross receipts eligibility threshold for employers is reduced from a 50% decline to a 20% decline in gross receipts for the same calendar quarter in 2019.
- The credit is available to certain government instrumentalities, including colleges, universities, organizations providing medical or hospital care, and certain organizations chartered by Congress.
- The 100-full time employee threshold for determining “qualified wages” based on all wages paid to employees is increased to 500 or fewer full-time employees
Laura Morris, Managing Director, Business IncentivesLaura is a Managing Director in our Business Incentives Practice for our West Region and is based in our San Francisco office.
Since 2007, Laura’s professional experience has been focused exclusively on R&D tax services and other federal based business incentives working with Fortune 500 companies to start-ups in a broad range of industries. Laura’s experience includes assisting clients in identifying and documenting their R&D tax credits for tax return and financial statement purposes, including ASC 740-10 analysis and support, as well as assisting them in defending those credits on IRS and/or state taxing authority exam.
Laura also serves as one of our West Region leads assisting companies with the Employee Retention Credit.
Laura currently serves as our National Lead on several business incentive technical issues where she works with clients and the IRS National Office to ensure both compliance and the maximization of credit opportunities.
Laura has served as both a local and national level instructor on business incentives issues and has helped author many of the firm’s publications specific to this practice area.
Sarah Blair, R&D Tax Services ManagerSarah is an Experienced Manager in BDO’s Business Incentives practice and is based in our Seattle office.
Formerly with a Big Four firm, Sarah began her career in tax compliance before specializing in R&D Tax Services. Sarah has over six years of professional experience helping companies identify and document R&D credit claims, as well as assisting them in defending those credits upon IRS and/or state taxing authority exams. She has worked closely with a variety of companies, from small startups to large public filers, to design and implement R&D studies that optimize their benefit and maximize efficiency.
Sarah also assists companies in calculating and claiming the Employee Retention Credit
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Noon to 1 pm - Presentation
Thank you for supporting the Anchorage Chamber during these challenging times.
$10 Members | $15 Non-Members
