The employee retention credit refunds employee wages not covered by PPP loans for eligible businesses for up to 70% of wages in 2021 and 50% of wages in 2020. The credit can be applied to up to $10,000 in earnings for each employee annually in 2020 and per quarter in 2021. As a self-employed person your wages are eligible if you are paid wages (for example, if you are an S-Corp and receive a paycheck).You can amend your quarterly employer's tax return (form 941) for past quarters to claim these credits.
Your business must be eligible meaning it was affected by a governmental order restricting business or suffered income losses meeting certain guidelines. Talk to your payroll processor, or contact your accountant to find out if you are eligible for these very valuable credits. You can literally receive thousands of dollars back from the IRS for these credits.
For example, in 2021 if you paid an employee $10,000 in a quarter and your business is eligible, you could receive $7,000 back from the IRS (minus taxes due) just for that one employee.
The credit is not available for 2021 fourth quarter 941s, but you can amend your previous quarters to claim the credit. Small businesses were shocked to see a suspension of the last quarter of the Employee Retention Credit program tucked into the recently passed Infrastructure and Jobs Act. The law retroactively repeals an employer's ability to claim employee retention credits for eligible wages paid after Sept. 30, 2021 -- effectively eliminating the fourth quarter of 2021.
Thankfully, U.S. Representatives Terri Sewell, Carol Miller, Stephanie Murphy, and Kevin Hern recently introduced bipartisan legislation, the Employee Retention Tax Credit Reinstatement Act (H.R. 6161), to restore the ERC for the full 2021 calendar year as intended. Add your voice in support of this needed remedy. Take Action Today
On December 10, 2021 the Minneapolis City Council adopted a fee schedule for business licenses in 2022. Most businesses will see no increase in fees.
· Short Term Rental Platform fees increased, with an additional fee tier added based on the number of units
· Tow truck maximum service fee caps decreased
· Additional “new manager” application for alcohol licenses at no charge
Read the adopted fee schedule
The City of Minneapolis is partnering on a community air monitoring project with the MN Pollution Control Agency and MN State University to collect data used to identify air quality concerns and take action to reduce human exposure to air pollution.
The City is taking requests for locations to place air sensors in Minneapolis. If you are interested in hosting one or more AQMesh air sensors, please complete the request form. You may request up to five locations. All locations must be in Minneapolis.
Respond by Dec. 20 if you are interested in hosting a sensor.
Community air monitoring sensor request form
For questions, please contact Jenni Lansing at firstname.lastname@example.org or 612-673-2301.
Enforcement of new truck parking restrictions will begin on January 1, 2022
In August of 2021, The City of Minneapolis updated parking restrictions to prohibit trucks over 26,000lbs from parking on city streets unless they are engaged in loading, unloading, or providing a service. The new restriction was in response to extensive community feedback about issues associated with large commercial trucks parking for extended periods of time on city streets when they’re not in service. Staff research into the issue confirmed there has been a dramatic increase in the number of trucks parking on city streets over the past 5 years.
Numerous safety and livability concerns are created when large trucks park on city streets such as:
The City recommends that truck owners and operators seek out facilities designed for truck storage for their long term parking needs.
Join the Lake Street Council next week for a virtual meet and greet with the Lake Street corridor's newly elected City of Minneapolis Council Members. Please join to get updates about the corridor, meet the new elected officials, and ask questions about your concerns.
Date: Wednesday, December 8, 2021
Time: 10:00 - 11:00 am
Join via Zoom
Meeting ID: 817 8480 4037
One tap mobile: +13126266799,,81784804037#,,,,*670937# US (Chicago)
Council Members in Attendance include Robin Wonsley Worlobah (Ward 2), Jason Chavez (Ward 9) and Aisha Chughtai (Ward 10).
The Hub Bike Co-op is hiring a new Deposits & Invoices Finance Coordinator. The position is responsible for overseeing all financial activity and ensuring accurate, accepted accounting methods are used to maintain and employ up-to-date financial records. This includes the weekly processing of cash deposits & payment of invoices as well as communication with vendors. This role works in tandem with the Bookkeeping Finance Coordinator. This position offers a number of benefits, including PTO, parental leave, and of course the ability to become a Worker-Owner! Find the full job description and submit an application here.