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Hi,
I am a Square Payroll customer/employer. Given that the rules for the Employee Retention Tax Credit have changed (As of December 2020, businesses now have the opportunity to take out a PPP loan and obtain the Employee Retention Tax Credit (ERTC) for both 2020 and 2021.), I'm eagerly awaiting how Square Payroll will allow for the calculation/implementation of this. Given that these tax credits could be a significant help for some businesses, does Square Payroll plan to file or even guide employers on this?
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Hello! We're happy to announce that Square Payroll can now help you claim the Employee Retention Credit (ERC) on your Form 941. If you need to claim the ERC for Q1 2021, please contact the Square Payroll Support team by April 21, 2021 with responses to the following questions:
- Is your business eligible for the ERC?
- What is your ERC amount?
- What were the total qualified wages used to calculate your ERC amount?
- Did the qualified wages include health plan expenses? If so, how much?
- Did you receive an advance credit through Form 7200?
To ensure your business is eligible to claim the ERC and that you are calculating the credit amount accurately, we recommend reading the Employee Retention Credit article in our Support Center. With the recent legislative changes, Square Payroll will be supporting the ability to claim the ERC on Form 941 through the end of the year. If your business continues to be eligible, please contact Square Payroll Support team to report your ERC amounts for future quarters as well!
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Have you received the refund yet? I want to know the timeline as well.
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I have only gotten 2020 credits back so far
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Hello @albert2gt thanks for your post. i think you can access this form on the SBA website here. I hope this helps answer your question.
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