Our commitment to you…
We are experiencing an unprecedented event in history and during this time we understand that communication is paramount. Our Team is dedicated to keeping you informed as events and news unfolds. Be assured that we are organized and in place to continue to service clients with dedicated payroll experts. When you call, we will answer.
As immediate and long-term recommendations emerge, we will continue to post updates and share best practices and tips about productivity.
- that began carrying on a trade or business after February 15, 2020;
- whose average annual gross receipts (determined under rules similar to Code Sec. 448(c)(3)) for the three-tax-year period ending with the tax year that precedes the calendar quarter for which the credit is determined are not more than $1 million (this would be for those who started a new TRADE under an existing business); and
- that, for the calendar quarter, did not have its operations fully or partially suspended under government order due to COVID-19, and did not have gross receipts that were less than 80 percent of those for the same calendar quarter in calendar year 2019 (Code Sec. 3134(c)(5), as added by the American Rescue Act).
The ERTC is limited to $50,000 for a Recovery Start-Up Business.
Business owners and new business owners should consider qualifications under the Recovery Start-Up Business rules.
This information is as of 6-11-2021, please consult with your advisors or payroll professionals when claiming the credit.
April 12, 2021
ERTC is a very important topic for small and medium sized businesses. Tricia Petteys, Co-Founder and COO of Payroll Vault shared some great insights regarding challenges companies are facing during the pandemic and how successful companies are utilizing the available help. Listen to what she has to say here if you want to find the money that the government is rewarding you for keeping your employees during the pandemic.
March 19, 2021
Tricia Petteys, COO/Co-founder of Payroll Vault Franchising, answers questions regarding the Employee Retention Tax Credit available to businesses.
March 16, 2021
As part of Payroll Vault’s commitment to providing businesses with knowledge on the latest legislation pertaining to their operations, here are the most frequently asked questions regarding the Employee Retention Tax Credit. We will be sharing updates as they come through. If you have any questions, please reach out to your local Payroll Vault professionals for more specific information.
We are eager to help small business owners with solutions to continue employing, supporting, and paying their employees during the Covid 19 pandemic. There are several resources to support business and their employees based on specific situations. Below is a summary of business and payroll related benefits that may be available. Please contact your local Payroll Vault office to support administration of your resources and credits. Important item to note, please let your Payroll Vault representative know if you have taken advantage of the Paycheck Protection Program (PPP) and if so, have you been granted forgiveness. This will affect how you can utilize available programs. We also expect several continued updates and changes to current resources and legislation.
2021 COVID Support Updates
There have been many recent changes and updates that continue to provide potential resources for our clients. The 2nd round of PPP loans and the updated Employee Retention Credit rules may bridge financial gaps for our clients who continue to need them. Please refer to the links below and reach out to your local Payroll Vault office for more details.
Small Business Relief LinksPlease use these links to access resources and information that is available to support business and related employment of staff.
Families First Coronavirus Response Act (FFCRA)
become sick with Covid-19,
are required to quarantine due to Covid-19,
are caring for someone with Covid-19,
or are caring for a child who is not able to attend school or daycare due to mandated closures.
The FFCRA provides a credit for up to 100% of the employee’s wages for sick or quarantine pay and up to 2/3 for other care or childcare
Collecting information: If employees need to take time off for any of the above reasons, you will need to collect documentation and may need to track the hours via a timekeeping solution.
How it works: The credit is taken against federal payroll taxes and is immediately available as you run payroll. If the credit exceeds the tax total due, you can submit a form to the IRS to receive a refund for the difference.
Contact your local Payroll Vault office today to take advantage of this credit. If you have received PPP or EIDL funding, you can still take advantage of this credit, but there are details to consider. Your local Payroll Vault office is happy to help.
States and Local Governments are also offering resources.
Small Business – 3 Step Action
- Research Options
- Contact your Payroll Vault representative
- Initiate Plan supported by Payroll Vault
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