Help your clients claim the tax credits they deserve
Note: Paychex is proud to be SCACPA’s Gold Affinity Partner of payroll, retirement, and HR services.
As your clients continue to reopen their businesses, they might benefit from saving money they could use for investing in becoming fully operational. There are loans, grants and other funding options to consider, including the Employee Retention Tax Credit (ERTC).
However, a recent Bredin Snap Poll survey of Paychex clients revealed that 61% of business owners were unaware of the ERTC. This refundable credit can be claimed on qualified wages — including certain health insurance costs — paid to employees.
In fact, recent legislation has expanded and extended the tax credit, making more businesses eligible for the credit and allowing the credit to be claimed until Dec. 31, 2021. And unlike under the initial stimulus law that created the Paycheck Protection Program, businesses that took a PPP loan can now also claim the ERTC.
What could this mean to your clients? Paychex clients who have claimed the employee retention tax credit, on average, have saved $89,000.
You might have clients who took a PPP loan under the CARES Act who originally were not eligible to claim ERTC. They have an opportunity, if they meet the qualifications, to claim the credit retroactively.
With multiple pieces of legislation impacting the provisions on ERTC, the complexities involved have increased. Paychex provides information, tools and resources that can help during consultations.
