The Employee Retention Credit has been extended through December 31st, allowing many farmers to qualify for a greater tax credit.
Accounting expert Paul Neiffer speaks with RFD-TV’s own Janet Adkison on why the extension is good for farmers, how they can qualify, and if the IRS will offer more guidance.
According to Neiffer, “It gives them (farmers) an extra two-quarters to qualify for the credit, and remember for each of your employees that aren’t related parties, so just your regular employees, you can qualify for up to a $7,000 dollar per employee credit for each quarter of 2021. Now, the key is in order for farmers to qualify, their quarterly revenues... if their quarterly revenues or gross receipts... are at least 20 percent lower than the same quarter in 2019, not 2020... then they qualify for the credit in that quarter.”
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Related:
Qualifying for Employee Retention Tax Credit