The new economic stimulus law enhanced several tax breaks for your practice, including the Employee Retention Credit (ERC). Your practice can now claim this credit for wages paid in 2020 while you were shut down, even if you later received a Paycheck Protection Program (PPP) loan. Here’s how to receive the maximum benefit retroactively from this tax break.
The fully refundable ERC payroll tax credit was designed to compensate your practice for the economic hardship it experienced from COVID-19. Unfortunately, under the original law your practice could not claim the tax credit if it received a forgivable PPP loan.
The new law extended the ERC through...
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