Employee Retention Tax Credit – Updates and What to Know for Your Business

On Dec. 20, 2020, the House and Senate passed H.R. 133, the Consolidated Appropriations Act of 2021 (“CAA”), which includes a significant expansion of the Employee Retention Tax Credit (“ERTC”) through June 30.

The ERTC was first enacted on March 27, 2020, pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which provided eligible employers with a refundable tax credit for up to $5,000 per employee, for qualified wages paid from March 13, 2020, through the end of the year.

Please see full Alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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