Richard A. Huffman, CPA, MST Tax Partner The recently enacted stimulus law expands and clarifies the CARES Act Employee Retention Credit (ERTC), key details are as follows: Beginning on January 1, 2021 and through June 30, 2021, the provision: Increases the credit rate from 50% to 70% of qualified wages. Expands eligibility for the credit by reducing the gross receipts decline from 50% to 20% over a prior quarter. Qualified wages are increased from $10,000 in total per employee to $10,000 per quarter per employee. Qualified wage restrictions apply at 500 employees, rather than 100. Removes the 30-day wage
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New COVID Relief Bill Expanded Employee Retention Credit Benefits
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accountant, accounting firm, business owner, businesses, cares act, covid relief bill, cpa, cpa firm, credit, employee credit, employee retention credit, ertc, irvine, orange county, ppp, small business, so cal, stimulus, tax, tax benefit, tax firm, taxation, wfy, and wright ford young.