#ffcra

How To Get Your SETC Self-Employed Tax Credit in Record Time

The FFCRA Sick and Family Leave Credit is a government-backed program designed to reimburse you for wages lost due to COVID-related illness, caregiving, or quarantine. If you were impacted, this credit helps cover the income you missed. It’s your money—specifically set aside to support those who kept our economy moving during the pandemic.

Find out how much you are eligible for

The deadline to claim your SETC Self-Employed Tax Credit is fast approaching - April 15th.  United Business Solutions has direct integration with the IRS so there is no need to search for past tax forms and records.

The self-employed tax credit is for individuals who file a 1099 and Schedule C for their business.  Includes sole proprietors, 1099 contractors, Self-Employed, Single Member LLC’s, Freelancers, Gig-Workers, Self-Employed Couples who file jointly, anyone who files a Schedule C or SE.  

Just some of the many who may qualify:  entrepreneurs, business owners, Uber drivers, real estate agents, hair stylists, plumbers, painters, freelancers, Construction workers, Insurance agents, doctors and dentists, and anyone who is self-employed.

In the realm of self-employment, the SETC tax credit has emerged as a beacon of financial relief for freelancers, independent contractors, and gig workers, often standing for more than just "Self Employment Tax Credit." In the aftermath of the COVID-19 pandemic, this credit has proven to be a lifeline for those who may not have been aware of its existence. In this article, we'll delve into what the SETC tax credit is, how much you could be eligible for, and the steps to claim this often overlooked financial support.

Understanding the SETC Tax Credit:

The SETC tax credit gained prominence with the expansion of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Designed to provide support to the self-employed, this credit compensates for income lost due to COVID-19-related challenges. If you missed claiming these credits in 2020 and 2021, fret not – they are still available, and services like SETCTaxCredit.org can assist you in reclaiming them in a timely manner.

How Much is the SETC Tax Credit?

The potential windfall from the SETC tax credit is substantial, reaching up to $32,220. This amount is calculated based on your net earnings from self-employment in the years 2020 and 2021. Essentially, it acts as reimbursement for income lost during periods of self-employment work affected by the pandemic.

Reasons to Receive SETC Credits:

You may qualify if you experienced work interruptions due to quarantine or isolation orders, self-quarantine based on medical advice, COVID-19 symptoms while awaiting a doctor's appointment, waiting for test results, getting vaccinated, or dealing with vaccine side effects.

Who Qualifies?

If you fall under the self-employed umbrella – be it a sole proprietor, independent business owner, 1099 contractor, freelancer, gig worker, or single-member LLC – you are likely eligible. The key criterion is having missed work due to COVID-19-related issues.

Fast-Track Your Refund:

Although the standard waiting period for SETC credits is 18-23 weeks, there's an expedited option available. SETCTaxCredit.org provides a platform where you can receive the money upfront, bypassing the usual lengthy wait time.

Claiming Your Credits:

To access the SETC tax credits, assess your eligibility and amend your 2020 and/or 2021 tax returns. Opting for certified professionals like Certified Public Accountants (CPAs) or services like SETCTaxCredit.org can streamline the process, ensuring a hassle-free experience.

Tax Credit Duration:

Covering the period from April 1, 2020, to September 30, 2021, the SETC tax credit provides relief for up to 110 days for childcare-related time off and 20 days for personal or family care.

Average Refund and Waiting Period:

Users of SETCTaxCredit.org have reported an average refund of $16,658. While the standard refund process takes 16-20 weeks, the advance option at SETCTaxCredit.org provides a faster resolution.

Why Haven't You Heard of SETC Before?

Originally tailored for employers with W-2 employees, the SETC tax credit for the self-employed wasn't widely publicized. Shockingly, more than 80% of self-employed individuals are unaware of their entitlement to these credits.

Medicaid enrollment is being significantly affected because of the close of the continuous enrollment provision authorized by the Families First Coronavirus Response Act. Since April, millions of individuals have been disenrolled from the program. Simultaneously, millions of others have either re-enrolled or enrolled in the program for the very first time.

State data indicates that about 9.5 million individuals have been removed from Medicaid since enrollment peaked last April. This trend suggests that Medicaid should return to its pre-pandemic program size of 71 million individuals after the unwinding.

Churn in enrollment has long been characteristic of the Medicaid program. Before the pandemic, an estimated 1 million to 1.5 million individuals dropped off Medicaid rolls each month.

Many individuals are being disenrolled within a condensed timeframe during the unwinding process. In some states, the situation has proven to be more severe than anticipated.

The Biden administration initially projected that about 15 million individuals would lose coverage throughout the unwinding phase. However, their estimate was conservative compared to current data. According to KFF, disenrollments are expected to surpass 17 million, with procedural issues accounting for 70 percent of these instances.

However, approximately two-thirds of the 48 million Medicaid recipients who have undergone eligibility reviews so far have successfully had their coverage renewed, while one-third have lost it.

There are, however, significant variations in how enrollment is being affected among states. For example, Oregon has only disenrolled 12 percent of its program's population. KFF reports that 75 percent were successfully renewed, while the remaining cases are still pending. Oklahoma has disenrolled 43 percent of its program recipients during the unwinding, renewing coverage for only 34 percent. About 24 percent of cases are still pending.

States have diverse eligibility requirements, with some implementing policies that make it much easier for individuals to remain enrolled. For example, in Oregon, children can stay on Medicaid until the age of 6 without needing to reapply, while all other individuals receive up to two years of coverage regardless of income fluctuations.

Industry experts have expressed ongoing concern about the sharper downtrend in Medicaid enrollment among children contrasted to usual enrollment patterns. This is especially troubling since children typically qualify for Medicaid at higher household income thresholds than their parents or other adults. According to current data from Georgetown University, over 3.9 million children have experienced a loss of Medicaid coverage in the course of the unwinding.

Utah is the only state to survey those who were disenrolled and discovered that somewhere around 30 percent were uninsured. Many others secured employer health coverage or enrolled in subsidized plans through the ACA.

The expiration of the continuous enrollment provision has had a noteable impact on Medicaid enrollment. It marks the largest health coverage transition event since the first open enrollment period of the ACA. Because of the varying eligibility requirements across the country, some states are being affected more than others. As they navigate the second half of the unwinding phase, states must make every effort to relay enrollment status changes to their program recipients and ensure that their vulnerable populations do not lose coverage.

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LIVE ONLINE TRAINING COURSE

Most HR and Benefits professionals would likely agree that when it comes to managing sick leave situations, it’s easier said than done. There seem to be obstacles every step of the way from establishing reduced work schedules, requesting physician certifications, and getting second opinions to recordkeeping, deciding whether to use the calendar year method or rolling twelve-month method for calculating the amount of leave available and all the steps in-between.  

Legislation such as the Family and Medical Leave Act, the Families First Coronavirus Response Act  and the newly-enacted American Rescue Plan Act of 2021 (ARPA) represent significant challenges for HR and benefits professionals, and one that, if not done correctly, invites employee abuse and potential legal liability for employers.

SESSION HIGHLIGHTS:

Provisions of the Family & Medical Leave Act and the Families First Corona Virus Response Act (FFCRA)

Provisions of the Emergency Paid Sick Leave Act (EPSLA) and the Emergency Family and Medical Leave Expansion Act (EFMLEA) under FFCRA

The American Rescue Plan of 2021 (ARPA) – expanding and extending provisions of EPSLA and EFMLEA

Changes to the Pandemic Emergency Unemployment Compensation program (PEUC), the Pandemic Unemployment Assistance Plan (PUA) and the Federal Pandemic Unemployment Compensation Act (FPUC)

The Mixed Earner Unemployment Compensation (MEUC), COBRA subsidies, Employee Retention credits, and Voluntary Paid Leave Programs under ARPA

Updated FMLA forms

Why You Should Attend:

Are you familiar with the ins and outs of the FMLA, FFCRA and now the ARPA?  Does your organization have a thorough policy in place that covers all of the situations you might face in administering those 3 pieces of legislation?

Don’t get caught unprepared. Your organization could end up in a tangled legal web of non-compliance if you’re not familiar with the intricacies of those pieces of legislation. Participants will gain a better understanding of the FMLA, FFCRA and the ARPA and learn how to eliminate confusion.  Join us for this informative and insightful webinar that will assist you in minimizing the risks to your organization associated with sick and paid leave regulations.

Who Should Attend:

Senior leadership

Human Resources Professionals

Operations Professionals

Compensation Professionals

Managers & Supervisors

Team/Project Leaders

Employees

During the Q&A session following the live event, ask a question, and get a direct response from our expert speaker.

Date : May 25, 2021

Time : 10 AM | 1PM ET

Duration : 75 Minute

Speaker : Diane Dee

DESCRIPTION

LIVE ONLINE TRAINING COURSE

Most HR and Benefits professionals would likely agree that when it comes to managing sick leave situations, it’s easier said than done.  There seem to be obstacles every step of the way from establishing reduced work schedules, requesting physician certifications, and getting second opinions to recordkeeping, deciding whether to use the calendar year method or rolling twelve-month method for calculating the amount of leave available and all the steps in-between.  

Legislation such as the Family and Medical Leave Act, the Families First Coronavirus Response Act  and the newly-enacted American Rescue Plan Act of 2021 (ARPA) represent significant challenges for HR and benefits professionals, and one that, if not done correctly, invites employee abuse and potential legal liability for employers.

SESSION HIGHLIGHTS:

Provisions of the Family & Medical Leave Act and the Families First Corona Virus Response Act (FFCRA)

Provisions of the Emergency Paid Sick Leave Act (EPSLA) and the Emergency Family and Medical Leave Expansion Act (EFMLEA) under FFCRA

The American Rescue Plan of 2021 (ARPA) – expanding and extending provisions of EPSLA and EFMLEA

Changes to the Pandemic Emergency Unemployment Compensation program (PEUC), the Pandemic Unemployment Assistance Plan (PUA) and the Federal Pandemic Unemployment Compensation Act (FPUC)

The Mixed Earner Unemployment Compensation (MEUC), COBRA subsidies, Employee Retention credits, and Voluntary Paid Leave Programs under ARPA

Updated FMLA forms

Why You Should Attend:

Are you familiar with the ins and outs of the FMLA, FFCRA and now the ARPA?  Does your organization have a thorough policy in place that covers all of the situations you might face in administering those 3 pieces of legislation?

Don’t get caught unprepared. Your organization could end up in a tangled legal web of non-compliance if you’re not familiar with the intricacies of those pieces of legislation. Participants will gain a better understanding of the FMLA, FFCRA and the ARPA and learn how to eliminate confusion.  Join us for this informative and insightful webinar that will assist you in minimizing the risks to your organization associated with sick and paid leave regulations.

Who Should Attend:

Senior leadership

Human Resources Professionals

Operations Professionals

Compensation Professionals

Managers & Supervisors

Team/Project Leaders

Employees

During the Q&A session following the live event, ask a question, and get a direct response from our expert speaker.