Recently legislation makers have decided to terminate the Employee Retention Credit early. With unemployment being at a low, it was decided to retroactively have the credit terminated on September 30, 2021.
This means the credit can only be used on wages paid before October 1, 2021 unless the employer is a recovery startup.
If you did receive advance payments of this credit for quarter 4 wages, that amount must now be repaid.
As always our tax plan for business owners or investors bundles this knowledge and MUCH more into account to create your individualized tax plan to be used for YEARS. Feel free to text, email, or call us to see how a tax plan could benefit you.