Tag Archive: "#ERC"
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ERC, to Self-Report, or not to Self-Report, that is the Question
The government developed the Employee Retention Credit (ERC) program to help businesses impacted by the COVID-19 pandemic. The Internal Revenue Service (IRS), who oversees the ERC program, set rules to make sure that only eligible businesses could receive this credit. The ERC program has been complex and has undergone changes and updates, which has made […]
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Employee Retention Credits – It’s Not Too Late!
Just a reminder that it is not too late to qualify for and submit amended 941 quarterly filings for the Employee Retention Credits (ERC). Previously, the receipt of PPP loan funds resulted in disallowance of qualifying for ERC; however, the Consolidated Appropriations Act of 2021 allows those entities that received PPP funds to also be […]
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ERC Grants, Accounting Considerations
By now many businesses have applied for and received Employee Retention Credit (ERC) grants. Now you likely have questions regarding accounting for and reporting of these transactions. Accounting Considerations Construction entities who receive ERC grants likely analogies to one of the following accounting alternatives: IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, […]
