What’s the impact of the 2020 Employee Retention Tax Credit (ERTC) on income tax filings? According to the newest guidance from the IRS, it could be quite substantial for some filers. The current IRS guidance states that if a taxpayer has a 2020 ERTC credit, then the wages on the
The Consolidated Appropriations Act (CAA), which passed in late December 2020, removed the CARES Act clause that disallowed PPP borrowers from claiming the Employee Retention Credit (ERC). This change has opened the floodgates and allowed struggling businesses to retroactively claim the ERC, which they had not previously been eligible for.
New Economic Injury Disaster Loan (EIDL) program changes took effect September 8, 2021, in the COVID EIDL program and may relieve the burden on some small businesses by making the loan process easier to navigate and providing additional resources and flexibility in how the loan proceeds may be used. The
The Cares Act (signed by President Trump on March 27, 2020) provided for a refundable Employee Retention Credit (ERC); however, PPP loan recipients were precluded from qualifying for the ERC. At that time, many businesses chose to apply for PPP loans in 2020 as opposed to ERCs. The President
The Employee Benefits Security Administration (EBSA) issued a disaster relief notice during 2020 that gave relief to plans that had participant payments and withholdings that were not made within prescribed timeframes if those delays were solely attributable to the COVID-19 pandemic. The relief period began on March 1, 2020 and
The COVID-19 pandemic brought seemingly endless challenges for virtually everyone – families, individuals, businesses, and non-profit organizations alike. Helping navigate these challenges has been the focus of multiple federal relief packages passed over the past 18 months – and other local government issues (including those involving municipalities) have largely been