The IRS and tax professionals continue to see aggressive broadcast advertising, direct mail solicitations, and online promotions involving the ERC. While the credit is real, aggressive promoters are misrepresenting and exaggerating who can qualify for the credits.
The IRS warns about Employee Retention Credit claims to con ineligible people to claim the ERC credit. Some of these offers collect your personally identifiable information in exchange for false promises.
The Infrastructure Investment and Jobs Act amended the law so that the Employee Retention Credit applies only to wages paid before October 1, 2021, in some cases. Recently, the IRS issued new guidance on how to manage this change.
How does the American Rescue Plan Act of 2021 impact Arizona businesses, schools, and families? Here is a summary of the main provisions of the 600-page bill.
The Internal Revenue Service (IRS) urges employers to take advantage of the newly-extended Employee Retention Credit (ERC), designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The ERC is one of the more popular relief items for businesses and recent legislation has made it even more attractive.