Additional Employee Retention Credit (ERC) Eligibility-Additional Employee Retention Credit (ERC) Eligibility: What Your Practice and Accountant May Not Have Considered, Presented by Strategic Tax Planning

Additional Employee Retention Credit (ERC) Eligibility: What Your Practice and Accountant May Not Have Considered, Presented by Strategic Tax Planning

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Video Transcription

Video Summary

The webinar, led by Joan Leonis and Taylor Lewis-Costa of Strategic Tax Planning, explains the Employee Retention Credit (ERC) for small businesses, especially dental practices. ERC is a refundable payroll tax credit created under the CARES Act to help businesses retain employees during COVID-19. Initially, businesses had to choose between PPP and ERC, but later legislation allowed both, as long as wages weren’t double-counted. The speakers warn about ERC scams and red flags, such as percentage-based fees, large upfront charges, and preparers who won’t sign returns. They explain eligibility through either a gross receipts decline or full/partial suspension due to government orders, including CDC, state, or dental board restrictions. They also cover documentation, special ownership rules, PPP interaction, and tax implications: ERC is taxable and may require amended returns.

Keywords

Employee Retention Credit

ERC

small business tax credit

dental practices

PPP interaction

tax compliance