Tag Archive: "Employee Retention Credit"
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IRS Announces Pause to Processing of New Employee Retention Claims Until 2024
Over the past couple of months, the Internal Revenue Service (IRS) has issued multiple warnings, published a generic legal advice memorandum, and even opened their 2023 “Dirty Dozen” article cautioning taxpayers of aggressive Employee Retention Credit (ERC) program schemes. On September 14, 2023, the IRS took a more drastic measure, announcing a temporary moratorium on […]
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The Good, the Bad and the Ugly with the Employee Retention Credit
The good news is that the Employee Retention Credit (ERC) remains available for employers to claim on amended payroll tax returns for qualifying periods, assuming that the businesses meet the eligibility criteria and paid eligible wages during those times. Depending on the year, the legislative construct allowed for employers who experienced a significant decline in […]
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Financial Relief Opportunities Still Available to Businesses Impacted by the COVID-19 Pandemic
Over two years ago, the first round of economic relief became available to employers and employees suffering from the consequences of the COVID-19 pandemic. In the twenty-four months that followed, multiple laws were enacted and much regulatory guidance was published. Questions remain unanswered, and businesses are trying to navigate what relief may still be available, […]
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The Infrastructure Package’s Effect on the Employee Retention Credit
On November 5th, the House of Representatives passed the $550 billion infrastructure package, almost three months after the Senate approved the same proposal. Now, the infrastructure bill will go to President Biden for signature. Upon enactment, the employee retention credit (ERC) will no longer be available, other than for recovery startup businesses, for qualifying wages […]