Is the Employee Retention Tax Credit Program over? Not so fast.
President Biden signed the Infrastructure Innovation and Jobs Act back in November 2021, sunsetting the Employee Retention Tax Credit (ERTC) program one quarter early (with some exceptions for recovery startups). This early “cut-off” eliminated the 4th quarter of 2021 as a qualifying quarter for the credit – but it
The Winds of Change: What This Year’s Tax Bills Mean for Taxpayers
There are a couple tax bills that have been in the works in 2021 that may have a large effect on taxpayers in upcoming years. The two bills that will enact changes are: The Bipartisan Infrastructure Bill (Infrastructure Investment and Jobs Act), signed into law by President
Employee Retention Tax Credit Updates Related to the Infrastructure Innovation and Jobs Act
With the signing of the Infrastructure Innovation and Jobs Act by President Biden on November 15th, an additional $500 billion is expected to be invested in “hard” infrastructure projects over the next five years. One of the tax offsets to help pay for the project was closing the
New Guidance on ERTC 2020 Refunds Requires Amended Returns
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
PPP 2nd Draw & ERC – How Filing for Loan Forgiveness Too Early Could Cost You
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.