We thought you'd probably want to hear that GreenSlate has partnered with Experian to provide Employee Retention Credit (ERC) services for our clients.
Here's the details:
What is the ERC?
The Employee Retention Credit is a refundable tax credit based on wages and healthcare costs. Eligible employers may receive up to $5,000 per employee in 2020 and up to $7,000 per employee for each qualifying quarter of 2021.
What are the qualifications?
You can qualify based on your Core Staff as well as your Freelance Staff, and participating in the PPP loan program does NOT disqualify you.
As you are aware, the entertainment industry has been significantly impacted by the COVID-19 pandemic. As part of the CARES Act, the Employee Retention Credit offers a refundable tax credit for businesses that either experienced a significant revenue reduction or had their operations suspended due to government orders.
Even if you do not meet the specific revenue reduction threshold, you may still qualify due to temporary production shutdowns, travel restrictions, filming limitations, social distancing requirements, or venue closures.
Processing
As the processor of your payroll taxes, GreenSlate will process these refunds by amending the necessary 941 payroll tax returns.
UPDATE: IRS moratorium on processing new ERC claims
On September 14th, 2023 the IRS issued a moratorium on new ERC processing. What the IRS is trying to do is to discourage any pop up shops and unsophisticated providers from turning in bad or fraudulent claims.
This means they will look over claims a little more closely before writing a check, which could potentially slow payment on some claims already in process, but otherwise it is still business as usual.
It's important to work with a reputable provider like Experian to ensure that you properly submit your claims and receive the tax credit you're due.
Deadline for submission
✅ The deadline to submit the 2020 refund claim is 4/15/24 (we will do our final 2020 amendment in March of 2024), and the deadline for 2021 is 4/15/25 (we will do our final 2021 amendment in March of 2025).
✅ For more information, please contact:
Experian, one of the three credit bureaus, has completed over 4,000 Employee Retention Credit projects since the program's inception, with approximately 600 projects in the entertainment industry.
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