Significant Opportunity in Employee Retention Credit for Eligible Food Producers

Eligible food producers may benefit from updates to employee retention credit

What you need to know:
If eligible, a business can receive up to $19,000 per employee in refundable payroll tax credit over the course of 15 months (for 2020 and 2021 combined). The credit can be accessed immediately by reducing payroll tax deposits. If the credit exceeds payroll tax deposits, employers may file refund claims before their quarterly payroll tax reports are due.

Read the full article to learn more about ERC and to see if you qualify.

About Baker Tilly
Baker Tilly is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. The firm originated in 1931 with a commitment to deliver innovative financial solutions and solid business strategies to our clients. We work with producers, processors, distributors, and retailers in the food and beverage industry. Our professionals are sought after to speak at, author, and lead industry discussions. The combination of accountants and industry specific professionals enables us to be Valued Business Advisors to you.

Tax disclaimer
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.