Employee retention credits (ERCs) have been a critical financial lifeline for businesses dealing with the effects of COVID-19. Designed to incentivize businesses to retain employees during the economic downturn caused by...more
After lifting the moratorium on processing tax refund claims, the Internal Revenue Service (IRS) has begun processing a large backlog of claims for the employee retention tax credit (ERC), aimed at businesses impacted by...more
8/13/2024
/ Audits ,
CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Fraud ,
Fraud and Abuse ,
IRS ,
Tax Credits ,
Tax Refunds ,
Tax Relief ,
Tax Returns ,
Wages
On September 14, 2023, the Internal Revenue Service (IRS) released Employee Retention Credit (ERC) guidance placing a moratorium on processing new ERC claims due to a surge in questionable claim submissions. Claims already...more
9/26/2023
/ American Rescue Plan Act of 2021 ,
CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Final Rules ,
IRS ,
Moratorium ,
New Guidance ,
Relief Measures ,
Scams ,
Tax Credits
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have finalized rules for the recapture of erroneously claimed Employee Retention Credits (ERC) and other tax credits provided to employers for...more
8/18/2023
/ American Rescue Plan Act of 2021 ,
CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
EPSLA ,
Families First Coronavirus Response Act (FFCRA) ,
Final Rules ,
IRS ,
Tax Credits ,
Temporary Regulations ,
U.S. Treasury ,
Underpayment
Many employers have already claimed millions of dollars in tax credits through the Employee Retention Tax Credit (ERTC). Those employers that have not yet claimed (or incorrectly claimed) any ERTC may still do so...more
Is the U.S. economy trending toward recession? Rumors of a recession are circulating. Many companies are considering, or have already implemented, plans to reduce overall headcount....more
President Biden’s signing of the Infrastructure Investment and Jobs Act (IIJA) on November 15, 2021, retroactively eliminates an employer’s ability to claim employee retention credits (ERC) for eligible wages paid after...more
On May 7, 2020, the Internal Revenue Service (IRS) and the Department of the Treasury revised their frequently asked questions (FAQs) guidance on the Employee Retention Credit to allow employers that do not pay wages, but...more
On April 29, 2020, the Internal Revenue Service (IRS) provided additional guidance on the employee retention credit (ERC) available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act via new frequently asked...more