The ERC can be requested retroactively in a modified 941-X payroll tax return, if the statute of limitations is still open. Generally speaking, the statute of limitations is three years from the original filing date of the return. That rule was later eliminated, so that companies that received PPP loans could also take advantage of the ERTC (however, if revenues from PPP loans used to pay salaries were forgiven, those salaries did not meet the requirements for the ERTC).
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The methods that the Department of Labor has prescribed for determining the amount to be paid to an employee with an irregular schedule who is entitled to paid sick leave under the FFCRA would be considered reasonable for this purpose. In this case, 90 percent of the salaries paid to these employees during the period when the clubs were closed are qualified salaries.
The COVID-19 pandemic has had a significant impact on businesses across the country. Many companies have been forced to lay off employees or reduce their working hours and as a result, many are taking advantage of Employee Retention Tax Credit (ERTC). Learn how ERT