The recently-passed American Rescue Plan Act of 2021 provides up to $100,000 in tax savings for startups under an expansion of the Employer Retention Credit.
This new benefit applies to startup businesses that began a new business after February 15, 2020. If the business is a "Recovery Startup Business," the business may qualify for a credit up to $50,000 per quarter for the third and fourth calendar quarters of 2021.
To qualify you must meet the following criteria:
• The new business was started after February 15, 2020.
• The business has average annual gross receipts not exceeding $1,000,000.
Guidance may be released with additional criteria.
If your business qualifes, or if you have questions regarding the ERC, contact us.
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