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Important new rules

  • Available for 1st 2 quarters of 2021
  • Is now available for employers that took a PPP Loan
  • However, you cannot claim the credit for wages that were paid with PPP proceeds
  • Credit is 70% of up to $10,000 of wages per employee per quarter in 2021.  That’s a $14,000 refundable credit for each employee.
  • Any employer with under 500 employees and with fully or partially imposed suspended business operations will qualify.
  • That’s perfect for Bars and restaurants with reduced hours and seating capacity restrictions.
  • Other businesses can qualify if they can show a 20% reduction in gross  income in either of the first two quarters of 2021 as compared to 2019, but only if they also claimed the credit in the 4th Qtr of 2020 (to be eligible for the 1st Qtr of 2021) and they must claim the credit in the 1st Qtr of 2021 to be eligible to claim it in the 2nd Qtr of 2021.

Remember, the moment you have a business or tax question is the moment you should be calling me.

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Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

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