Is Your Company Eligible for the Employee Retention Credit (ERC)?
The Employee Retention Credit (ERC) is a refundable tax credit designed to assist businesses in maintaining staff levels ...during the COVID-19 pandemic. It is still available, and some small businesses may still be able to take advantage of it.
The ERC was initiated by the CARES Act (Coronavirus Aid, Relief, and Economic Security Act passed by Congress in 2020) and expanded by the subsequent Relief Act, American Rescue Plan Act, and Infrastructure Investment and Jobs Act.
Eligible employers who didn’t claim the credit when they filed their original return may be able to claim the ERC on an amended employment tax return.
Given the considerable funds at stake, employers should be wary of third parties who are advising them to claim the Employee Retention Credit when they may not qualify.
This article was written by Josh Leonard from Ulman Public Policy, TCIA's Washington, D.C. - based advocacy and lobbying partner, discusses important things to consider when applying for the ERC.
Qualified wages paid between March 12, 2020, and January 1, 2021
Qualified wages paid between January 1, 2021, and December 31, 2021
Changes in the eligibility structure for 2021
Read the full article in this month's TCI Magazine at tcimag.tcia.org
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