Seminar Follow Up
For those who were not able to attend, here is the recording for our Thursday, February 18, webinar on the Employee Retention Credit, Post Consolidation Appropriations Act for TY2021.
This is the link to the IRS Form 7200 for claiming the ERC for TY2020. The slides from Sarah’s presentation are on our website along with Two Sample ERC Qualified Wages Worksheets. Questions from yesterday’s seminar are addressed in our updated Q&A.
Please contact Sarah if you would like further assistance, review or if you would like to use Sarah’s ERC excel worksheet.
Reminders:
We’ve added resources for sole proprietors (independent contractors) and small businesses on our website in both English and Spanish, with a focus on borrowers that didn’t get PPP in 2020. Spread the word!
On tax credits:
Self-Employed individuals who used Families First Coronavirus Response Act (FFCRA) paid leave in 2020 should use the newly created Form 7202 to report and claim these credits when they file their annual return. Self-Employed individuals are not eligible for Employee Retention Tax Credits, unless they employ others. They are eligible to apply for PPP loans.
On new safety policies for in-person work and vaccination policies:
- The CDC recently released new guidelines including quarantine recommendations for fully vaccinated persons. The CDC advises that persons who are fully vaccinated do not need to quarantine after they’ve been exposed to someone with the virus so long as they are asymptomatic and are within three months of their last dose of COVID-19 vaccine.
- OSHA provided Guidance on Mitigating and Preventing the Spread of COVID-19 in the Workplace. OSHA will update this guidance over time to reflect developments in science, best practices, and standards.
- As your workplace considers vaccination policies, refer to the EEOC’s publication, “What you Should Know About COVID-19 and the ADA, the Rehabilitation Act, and Other EEO Law.” Its FAQs section provides good guidance for employers.
We will be tracking all updates and guidance on COVID relief and policies as they are available, including information on ERC in 2021.
Stay tuned and enjoy the return of sunshine!
If you have any questions,
Scholz Nonprofit Law is here for you. Please let us know how we can help by emailing Melissa, Jeff, or Sarah.