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Employee Retention Credit Example

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Calculate the maximum employee retention credit with PPP loan forgiveness. This is a preliminary calculation in anticipation of further guidance from the Treasury to calculate the employee retention credit with PPP loan forgiveness without losing both benefits.

I’ll run through a detailed example using payroll and PPP loan assumptions to calculate a potential employee retention credit that is coordinated with PPP loan forgiveness requirements.

This is just an example and potential approach. We are still awaiting further guidelines. Check your calculations and please consult a qualified tax professional for assistance and advice before filing any returns that may be subject to challenge or review.

S-Corp owner wages for the employee retention credit

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Yes, you do qualify!

S-Corp owners do qualify for the employee retention credit.  There is no language excluding S-Corp owners.  The guidance refers to specific relationships to a 50% of more owner of an S-Corporation.  Those individuals are excluded from being able to take the employee retention credit.

S-Corp Wages:  https://www.irs.gov/newsroom/covid-19-related-employee-retention-credits-determining-qualified-wages-faqs

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