Employee Benefits

Updates to Employee Retention Tax Credit

ERC Tax Credit

Employee REtention Tax Credit (ERC)

Congress updated the Employee Retention Tax Credit (ERC).  This tax credit encourages employers to take advantage up to $33,000 and you should discuss with your tax accountant for professional advice.

Some of the documents required may include:

  • 2019 Profit and Loss Statement for all Quarters
  • 2020 Profit and Loss Statement for all Quarters
  • Q1-Q4 2019 IRS Form 941
  • Q1-Q4 2020 IRS Form 941
  • 2020 Group Healthcare statement by month  (track premium amount by employee)
  • 2021 Group Healthcare statement by month
  • Payroll Protection Program Loan Records (if applicable) and any loan forgiveness applications (if applicable)

The credit reduces your employer Social Security tax liability. Talk to your accountant when filing your Form 941 to determine your qualification for the credit. 

As of July 1, 2021 New Employee Retention Tax Credit Provision article 

The IRS announced new changes made by the American Rescue Plan Act (ARPA) to the Employee Retention Tax Credit (ERTC). 

Update to ERTC: 

To qualify as a Recovery Startup Business, one must:

 Recovery business that launched after Feb. 15, 2020

  • Annual gross receipts that have not exceeded $1 million
  • Must not be eligible for the ERTC under the other two categories, partial/full suspension of operations or decline in gross receipts

 **Only applicable to the third and fourth quarter of 2021 — If qualified you may be entitled to up to $50,000 per quarter.  The ERTC is worth up to $7,000 per employee in Quarter 3 and Quarter 4 of 2021 and capped at $100,000 or $50,000 per quarter.

 

 


Commute Connector

Earn Points with Commute Connector

Florida's Department of Transportation is partnering with employers, property managers, universities, and other organizations to solve the transportation challenge.  

  • Ridematching service to connect commuters to their options on how to get to work.
  • Reward commuters who use alternative transportation options to get to work.
  • Reimbursement for qualified commutes through a free Emergency Ride Home Program

Set up a free consultation to set up the commuter benefit program in your organization. Expand your workforce by offering the flexibility of rideshare programs and increase employee reliability.  There are also incentives to walk or bike to work.  Learn more here: Commute Connect Employer Flyer.

Florida Department of Transportation:  866-585-RIDE


Tools to obtain asset Growing products

Quick Facts:

  • Close to 5% of U.S. households (approximately 12 million adults) are “unbanked,” without a checking or savings account.
  • Almost 11% of U.S. households (approximately 24 million adults) are underbanked, meaning they still use some fringe financial services.
  • Nearly 34% of unbanked and 45% of underbanked households earn less than $30,000 per year.
  • Nationally, 48% of Black households and 42% of Hispanic households are unbanked or underbanked, compared to less than 14% of white households.

Research from the Federal Deposit Insurance Corporation shows that there are many reasons consumers lack a basic transaction account: not enough money for the minimum balance; distrust of financial institutions; high or unpredictable fees; or identification, credit or banking history problems. Many Americans are driven to use expensive alternative financial services, including check cashers, payday lenders, and pawn shops that charge high fees for financial services that fail to help people get ahead. Without a checking account, families wind up paying too much for basic financial transactions and are hard pressed to build savings and assets. Working families with the help of local banks providing financial education and coaching provide people with the tools to build savings, and access funds that require a bank account, even a paycheck. 

Become Bank Certified

https://joinbankon.org/certify/

https://covidbanking.joinbankon.org/


Looking to Get Ahead in your Career?  Be respectful to your Coworkers

Create a culture that respects coworkers and improve performances at work. Deal with rudeness and incivility at work with an expectation of good behavior.  Your candor makes for a positive place to work.  How we treat others matters.  

Here is a great video on the impact of workplace ecology.  https://www.youtube.com/watch?v=YY1ERM-NIBY