Employee Retention Credit Program Survey

PROGRAM DESCRIPTION: Businesses impacted by government shutdowns/suspensions and businesses with significant declines in gross receipts are eligible to obtain tax credits for qualified wages paid to employees during the affected time periods. The tax credits max out at $5,000 per employee in 2020 and $28,000 per employee in 2021. Many businesses were affected by one or both factors (shutdowns/suspensions OR significant gross receipts decline). HOW DP HELPS: 3/13/2020-12/31/2020: Dominion Payroll can help determine your Employee Retention Credits based on your dates of eligibility. We will generate reports identifying the employees paid and their qualified wages during that time period. The reports will identify the tax credits available for each applicable time period. Reports must be generated by quarter. Your company will review and confirm accuracy of the reports. Dominion Payroll will then file amended payroll tax returns for each affected quarter to obtain refunds for clients. 1/1/2021-12/31/2021: Dominion Payroll will determine the amount of your credit each payroll or once a quarter and apply the credits and continue to track throughout 2021. INSTRUCTIONS: We will need to know the following information to be better able to process your credits correctly. Please consult your financial advisor or CPA if you need clarification.

NOTE: If you are a new DP client and haven't had a company code assigned yet, enter "New Client".

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Does your company meet one of the 2020 qualifications for ERTC?*

Are you an employer of under 100 full time employee during 2019

Only employers of under 100 full time employees are eligible for the ERC wage credit. *A full-time employee is anyone who works 30 hours or more/week. Anyone working less than 30 hours/week is not included in this count

Did your company take a 2020 PPP Loan?

A company that received or receives a PPP loan is no longer prohibited from claiming the employee retention tax credit. The credit, however, may not be claimed for wages paid with the proceeds of a PPP loan that have been forgiven. A company that received a PPP loan in 2020 and paid qualified wages in excess of the amount of the forgiven PPP loan used to pay wages, and is otherwise eligible to claim the credit, can claim the credit retroactively. The IRS is expected to issue guidance on how to claim the credit retroactively. Companies related to a PPP borrower that did not claim the credit because of the affiliation rules should be able to claim the credit retroactively, if they are otherwise eligible for the credit.

Do we need to load your 2020 payroll data to calculate 2020 ERTC?

Loading of ERTC data from previous payroll platform into iSolved - setup fees apply

Does your company meet one of the 2021 qualifications for ERTC?*

ERC 2021 has to be qualified on a quarter by quarter basis. Please consult your CPA or financial advisor if you have questions on your qualifications for ERC

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Are you an employer of under 500 full time employee?

Beginning January 1, 2021, the threshold increases to 500. An employer with 500 or fewer employees will be eligible for the credit, even if employees are working. When calculating the 500-employee threshold, the employees of all affiliated companies sharing more the 50% common ownership are aggregated.

Did your company take a 2021 PPP Loan 2021?

Please note: If your company receives a 2021 PPP Loan, payrolls allocated to the PPP are not eligible for ERTC.

Please upload any documentation you may have that is useful to the ERTC.

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