Certain changes were retroactive to enactment of the CARES Act, but most apply only to wages paid from Januthrough J(see Tax Alert 2021-0019). Sections 206 and 207 of the Disaster Relief Act extended and broadened the expiring ERC. On December 27, 2020, the Consolidated Appropriations Act, 2021 was enacted, which included the Disaster Relief Act. Certain FAQs were later modified, and new FAQs were added over time. On April 29, 2020, the IRS posted over 90 ERC FAQs on its website. The ERC is a refundable employment tax credit for eligible employers paying qualified wages (including qualified health plan expenses). The ERC was enacted on March 27, 2020, as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for wages paid from Mathrough December 31, 2020, by employers that (1) were fully or partially suspended due to COVID-19-related governmental orders or (2) experienced a more than 50% decline in gross receipts for the calendar quarter as compared to the same calendar quarter in 2019 (see Tax Alert 2020-0761). The new guidance amplifies Notice 2021-20 (see Tax Alert 2021-0513) by incorporating the changes made by Section 207 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Disaster Relief Act), which apply on a prospective basis for qualified wages paid in the first two quarters of 2021. In Notice 2021-23, the IRS released guidance on the employee retention credit (ERC) for the first two quarters of 2021. IRS issues guidance on employee retention credit for 2021
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |