Frequently Asked Questions

Frequently Asked Questions.

Hello again, ERTC superstar! By now, you've gained a wealth of knowledge about the Employee Retention Tax Credit. However, we understand that you might still have some questions or concerns. In this bonus chapter, we'll address some frequently asked questions about the ERTC to help clarify any lingering doubts. Let's dive in!

Q: Can I claim the ERTC if I also received a Paycheck Protection Program (PPP) loan?

A: Yes, you can claim the ERTC even if you received a PPP loan. However, you cannot use the same wages for both the ERTC and PPP loan forgiveness. It's essential to carefully track and allocate wages for each program separately to avoid any double-dipping.

Q: Can I claim the ERTC for wages paid to family members who work for my business?

A: Generally, wages paid to certain related individuals (e.g., children, spouses, or siblings) are not eligible for the ERTC. There are specific rules regarding family members, so it's a good idea to consult a tax professional to determine the eligibility of wages paid to relatives.

Q: How long do I need to keep records related to the ERTC?

A: It's recommended to keep your ERTC records for at least four years from the date you filed your tax return. This timeframe aligns with the IRS's general record retention guidelines and ensures you have the necessary documentation if you ever face an audit or need to reference the information in the future.

Q: Are part-time employees eligible for the ERTC?

A: Yes, part-time employees are eligible for the ERTC, and their wages can be included in your calculations. Remember to follow the same eligibility criteria and wage limitations as you would for full-time employees.

Q: Can I claim the ERTC if I didn't experience a government-mandated shutdown but still saw a decline in revenue?

A: Absolutely! If your business experienced a significant decline in gross receipts (usually a 50% reduction compared to the same quarter in the previous year), you may still qualify for the ERTC, even if you were not directly impacted by a government order.

We hope these FAQs have addressed any lingering questions or concerns you may have about the Employee Retention Tax Credit. Remember, the information provided in this guide is meant to serve as a starting point, and it's always a good idea to consult a tax professional for personalized advice.

Congratulations on completing this guide and becoming well-versed in the world of the ERTC! With your newfound knowledge, you're well-equipped to take advantage of this valuable tax credit and support your business during these challenging times. Best of luck, and we wish you continued success! Now let's wrap it all up in this simple Conclusion

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