Tips for Claiming the Employee Retention Credit on Your Taxes
Business owners, including dentists, who experienced a serious decrease in income due to the pandemic and continued to pay their employees, are eligible for the Employee Retention Credit. Dentists must be able to document substantial losses in income during 2020 or 2021 and they must have been forced to shut their business due to local, state, or federal regulations. The credit offers $5,000 per eligible employee. However, the United States Internal Revenue Service is reporting a high level of fraud surrounding the Employee Retention Credit and warns businesses to ensure they meet the eligibility criteria. Click here to read more.