If your business became inoperable during the COVID-19 pandemic or sustained damage from a hurricane, wildfire, or other qualified event, you may qualify for disaster relief tax credits.
Determining the appropriate credits to pursue—and navigating the claims process—without guidance can be a complex process that drains precious time and resources, especially as you work to recover from the event’s impact.
Our professionals can provide guidance and assist you with claiming disaster relief credits so you can focus on getting your business back on track and planning for the future.
Several relief initiatives in response to the pandemic offer payroll credit options to certain employers.
If you kept employees on payroll during the pandemic, you could be eligible for a retention credit against your portion of social security tax if your business:
Depending on your number of full-time employees, you may generate a credit based on qualified wages and health plan expenses paid to qualified employees during the impact period.
Qualified wages don’t include the wages used to calculate the work opportunity tax credit (WOTC) or other wage-based tax credits.
You could also be eligible for an immediate refund for any excess credit worth up to:
Subsequent legislation also granted Paycheck Protection Program (PPP) loan recipients eligibility to claim the ERTC retroactively and prospectively to the extent the wages weren’t paid using forgivable PPP proceeds.
If your business has less than 500 full- and part-time employees, it could be eligible for:
The amount of available credits varies depending on the employee’s reason for leave.
Credits could be worth up to:
For more information on relief strategies and guidance related to COVID-19, please visit our dedicated web page.
In addition to mitigating the impacts of COVID-19, your business could qualify for a disaster relief tax credit under the following criteria:
Impacts from several qualified disasters in the United States are eligible for the credit, including:
To learn if your company qualifies for the credit, please fill in the below form.
A Moss Adams professional will respond shortly with a list of disaster credits for which you’re potentially eligible as well as next steps to claim them.
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