by ZOMMA Group

The Employee Retention Credit is a fully refundable tax credit for employers up to $5,000 for each full-time employee that the employers retained between March 13 and Dec. 31, 2020 and up to $28,000 for each retained employee between Jan.1 and Dec. 31, 2021 ($7,000 each quarter). Applications are allowed despite receiving PPP loans, but the ERC can only be claimed for qualified wages not treated as payroll costs in obtaining forgiveness of the PPP loans.

Most employers, including tax exempt organizations, can qualify for the credit. Qualification is determined by one of the following two factors:

1. A trade or business that was fully or partially suspended or had to reduce business hours due to a government order. The credit applies only for the portion of the quarter the business is suspended, not the entire quarter.
2. An employer that has a significant decline in gross receipts, by at least 50% of what they earned the same calendar quarter in 2019 (compared to 2020) and by at least 20% for 2021 (always compared to year 2019).

Employers will use Form 941 (Employer’s Quarterly Payroll Tax Return) to immediately claim the credit by reducing payroll taxes sent to the IRS, for the applicable quarters of 2021 in which the qualified wages were paid or will use Form 941-X (Adjusted Return) to retroactively file for year 2020.

It is important to underline that there is no size limitations in the number of the employees, and that if the credits exceed payroll taxes, employers can request a direct refund from the IRS.

ZOMMA Group has established a dedicated team that is continuously monitoring new guidance from SBA, Treasury, Congress, and IRS, to ensure we have the latest information when advising our clients.

To discuss your eligibility for the ERC and/or accurately calculate your potential credit, feel free to contact us: luca.cancellieri@zommagroup.com

by Valdo USA

In 2020 a modification of the disciplinary rules that define the Prosecco DOC appellation was approved, allowing the production of the most popular sparkling wine in the world in a Rosé version. The only two grapes allowed are Glera (85-90%) and Pinot Nero (15-10%) harvested in the Prosecco DOC region which is an area in the North East of Italy encompassing 9 provinces:

Treviso, Venezia, Vicenza, Padova, Belluno in the Veneto region and Pordenone, Udine, Gorizia, Trieste in the Friuli region.

It is mandatory to display the vintage year on the label (Millesimato) and this wine will only be available “Spumante” version (therefore not semi-sparkling, or Frizzante).

In terms of sweetness level, Prosecco DOC Rosé can be made Brut (which means dry, 0-12 grams/liter of Residual Sugar) or Extra Dry (which is more sweet, 12-17 g/l RS)

Wines must follow the Charmat/Martinotti production method, in which the second fermentation that produces bubbles happens in pressurized steel tanks, rather than in individual bottles, as in Champagne.

Prosecco Rosé ages minimum 60 days in tanks to gain more flavor.

Valdo, leader of the Prosecco Spumante market in Italy and Germany, has launched the new Marca Oro Prosecco DOC Rosè Brut in the US market. Glera blends with Pinot Nero giving rise to a fresh and lively sparkling wine with elegant fine bubbles obtained after 90 days Martinotti Method and a refined silky pink colour.

It features a persistent mousse and inviting aromas reminiscent of apple and small red fruits

The flavour is delicate, interwoven with fruity sensations, pleasantly harmonious and with a lingering finish.

With a moderate alcohol of 11%, it is perfect as an aperitif wine and it can also be paired througout the whole meal with white fish and Mediterranean cuisine.

It should be served in a large-stem glass, at a temperature of 4-6°C.

by Salcedo Attoneys at LAW PA