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Tax Credits Paycheck Protection Program (PPP)

Fox Rothschild LLP

IRS Increases Pressure on Businesses That Claimed Employee Retention Tax Credits

Fox Rothschild LLP on

The Internal Revenue Service (IRS) recently issued a news release identifying five new signs that a business’s Employee Retention Tax Credit (ERC) may be incorrect. It has also begun issuing a third round of letters denying...more

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

Husch Blackwell LLP on

In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more

Fox Rothschild LLP

ERC Voluntary Disclosure Deadline Rapidly Approaching on March 22

Fox Rothschild LLP on

The March 22 deadline for applying to the IRS Voluntary Disclosure Program (VDP) to repay improperly claimed Employee Retention Credits (ERC) at a discount is just around the corner. The VDP requires businesses to repay only...more

Keating Muething & Klekamp PLL

The IRS is Aggressively Pursuing Employee Retention Credit Claims. Are You at Risk?

Congress enacted the Employee Retention Credit (“ERC”) during the COVID-19 pandemic to help employers retain their workforce and stay current on payroll despite economic difficulties that plagued the world. The legislation...more

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

Lowndes

Too Good To Last? IRS Halts Processing of ERC Claims

Lowndes on

While not as well-known as the Paycheck Protection Program, the Employee Retention Credit (“ERC”) program was another form of Covid relief provided by the federal government to businesses in 2020 and 2021. The ERC program...more

Lowndes

Too Good To Be True? Be Wary of ERC Promoters

Lowndes on

While not as well-known as the Paycheck Protection Program, the Employee Retention Credit (ERC) program was another form of Covid relief provided by the federal government to businesses in 2020 and 2021. Under the ERC...more

Burns & Levinson LLP

Client Advisory: Employee Retention Tax Credit in 2023

Burns & Levinson LLP on

During the COVID-19 emergency, the federal government offered much-needed liquidity to qualifying businesses and nonprofits through loans and payroll tax credits. Qualified employers have been allowed credits against certain...more

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credits – Supporting eligibility becomes crucial amidst aggressive promotion of ERC claims as Internal Revenue...

The employee retention credit (ERC) can be a tremendous boon for eligible employers to claim substantial cash refunds for keeping their employees on the payroll during the COVID-19 pandemic. To qualify, the employer must have...more

Kohrman Jackson & Krantz LLP

Beware of ERC Free Money Claims

If you have been listening to talk radio lately, you may have heard, on numerous occasions, the latest come-on for small business cash assistance. Most of these advertisements claim your small business can receive up to...more

McDermott Will & Emery

Weekly IRS Roundup September 19 – September 23, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 19, 2022 – September 23, 2022....more

Adams and Reese LLP

More Businesses Now Eligible for Employee Retention Credit (ERC) – Do You Qualify?

Adams and Reese LLP on

What is the ERC? Congress introduced the Employee Retention Credit (ERC) as part of the CARES Act to encourage businesses to keep employees on their payroll during the pandemic. ...more

Holland & Knight LLP

Update for Employers: Recent Legislation Improves, Extends Employee Retention Credit

Holland & Knight LLP on

Please note: This alert has been updated with new developments after the enactment of the Infrastructure Investment and Jobs Act. The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized a refundable tax...more

Mitchell, Williams, Selig, Gates & Woodyard,...

National Taxpayer Advocate Reviews 2021 Season and Recommends Changes for 2022

The National Taxpayer Advocate recently issued her Fiscal Year 2020 Objectives Report to Congress, reviewing the successes and challenges of the 2021 federal tax filing year and highlighting a series of objectives and...more

Holland & Knight LLP

Update for Employers: Recent Legislation Improves, Extends Employee Retention Credit

Holland & Knight LLP on

The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized a refundable tax credit important to many employers struggling as a result of the COVID-19 pandemic. This credit, known as the Employee Retention...more

McCarter & English, LLP

Enhanced Opportunities To Benefit From The Employee Retention Credit

The Employee Retention Credit (ERC) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020, to encourage businesses to keep employees on their payroll during the pandemic....more

Smith Debnam Narron Drake Saintsing & Myers,...

Never Fear, The American Rescue Plan Is Here

The Biden administration has hit the ground running with several items on its agenda which impact the employment relationship. On March 12, the American Rescue Plan was passed by Congress and signed into law. This new law...more

McDermott Will & Emery

Weekly IRS Roundup April 19 – April 23, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 19, 2021 – April 23, 2021... April 19, 2021: The IRS issued a news release announcing the...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #3

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Baker Donelson

PPP Recipients May Qualify For Expanded Employee Retention Credit

Baker Donelson on

Multiple federal laws enacted during the pandemic have provided assistance to struggling employers, including assistance through the Paycheck Protection Program (PPP) and the employee retention tax credits (ERC). PPP and ERC,...more

Davis Wright Tremaine LLP

What Employers Need to Know About the American Rescue Plan Act of 2021

President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. ARPA provides $1.9 trillion in federal stimulus, which includes, in addition to subsidies for employer-provided benefits plans, a...more

Ballard Spahr LLP

Paycheck Protection Program Continues to Evolve

Ballard Spahr LLP on

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA) which, among other things, makes modifications to the Payroll Protection Program. On March 19, the Small Business Administration issued...more

DirectEmployers Association

OFCCP Week In Review: March 2021 #4

The DE OFCCP Week in Review (WIR) is a simple, fast and direct summary of relevant happenings in the OFCCP regulatory environment, authored by experts John C. Fox, Candee Chambers and Jennifer Polcer. In today’s edition, they...more

Nutter McClennen & Fish LLP

Employee Retention Tax Credits: Another Potential Benefit for Economically Challenged Businesses

After the passage of the CARES Act last year, the clear focus of small businesses was on the Paycheck Protection Program (the “PPP”). A slightly less reported feature was the tax credit available for the retention of...more

Eversheds Sutherland (US) LLP

Third time’s the charm: Congress provides stimulus round three in American Rescue Plan Act of 2021

On March 11, 2021, the American Rescue Plan Act of 2021 (the ARPA), the third set of legislation aimed at assisting individuals and businesses during the COVID-19 pandemic, was signed into law by President Biden. Along with...more

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