News & Analysis as of October 18, 2024

Payroll Taxes › Tax Credits › Coronavirus/COVID-19

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Payroll taxes are taxes that are often calculated and remitted based on a percentage of an employee's wages, but they can also include fixed charges. Payroll taxes consist of two types of taxes: 1) taxes that... more +

Payroll taxes are taxes that are often calculated and remitted based on a percentage of an employee's wages, but they can also include fixed charges. Payroll taxes consist of two types of taxes: 1) taxes that are withheld by an employer from an employee's wages and 2) taxes paid by an employer based on the amount of an employee's wages. These taxes may be advanced income tax payments on behalf of an employee. They are also employer and employee payments to a variety of government programs, such as social security, and unemployment/disability insurance. less -

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

Keating Muething & Klekamp PLL on 2/21/2024

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

Employee Retention Tax Credit: Post COVID Updates for Healthcare Practices

Roetzel & Andress on 12/21/2023

Joining host Ericka Adler on the #HealthLawHotSpot this week is fellow Roetzel shareholder and leader of the tax practice group, attorney Donna Hartl. Donna provides insight on how and why the Employee Retention Tax Credit...more

IRS Announces Denials of Employee Retention Credit

Miller Canfield on 12/12/2023

As described in our October 24 article “IRS Offers Forgiveness for Erroneous Employee Retention Credit Claims” the IRS has increased scrutiny on claims for the Employee Retention Credit (“ERC”). The IRS halted processing...more

FinCEN Issues Alert on COVID-19 Employee Retention Tax Credit Fraud

Ballard Spahr LLP on 11/29/2023

On November 22, 2023, the Financial Crimes Enforcement Network (“FinCEN”), in close coordination with the Internal Revenue Service (“IRS”) Criminal Investigation (“CI”), issued an alert (“Alert”) regarding the COVID-19...more

Review of Employee Retention Tax Credit (ERTC) Claim

Tucker Arensberg, P.C. on 11/21/2023

During the COVID quarantine, congress enacted the Employee Retention Tax Credit (“ERTC”). The purpose of the credit was to provide funds for employers whose business activity was reduced or shut down because of COVID....more

Employers Be Forewarned and Forearmed: Recent IRS Announcements Require Action on ERTC Claims

McDermott Will & Emery on 11/8/2023

Promoters and tax advisors have extensively marketed the Employee Retention Tax Credit (ERTC) as a way for employers to reclaim Federal Insurance Contributions Act (FICA) payroll taxes paid during the first two years of the...more

Employee Retention Credit (ERC) – Proceed with Caution!

Lippes Mathias LLP on 8/25/2023

The employee retention credit (ERC) is perhaps the most attractive – and controversial – COVID-era federal financial relief offered to the greatest number of US businesses. Congress established the ERC in the CARES Act of...more

How IRS Is Cracking Down on Employee Retention Tax Credit Fraud

DarrowEverett LLP on 8/8/2023

The Internal Revenue Service (“IRS”) has recently devoted great attention to detecting, investigating, and prosecuting fraud, particularly as it relates to the Employee Retention Tax Credit (“ERC”) post-COVID. On a webinar...more

Client Advisory: Employee Retention Tax Credit and More on the IRS Fraud Alert

Burns & Levinson LLP on 7/28/2023

Federal legislation relating to the employee retention tax credit (“ERTC”), passed to alleviate the financial burdens of businesses shut down due to governmental orders during COVID, is discussed in a prior Client Advisory....more

Cos. Should Heed IRS Warnings About Employee Tax Credit

Foley & Lardner LLP on 4/18/2023

For most businesses, turning the calendar to 2023 meant putting the pandemic and any of its tax-related effects further in the rearview mirror. One notable exception, however, is the employee retention credit, or ERC,...more

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

Adams and Reese LLP on 8/15/2022

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

Nonprofits Affected by COVID-19 in 2020 or 2021 Can Still Claim Tax Credits

Venable LLP on 5/10/2022

While many nonprofits have already taken advantage of the opportunities available to them under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent COVID-19 relief legislation, there are still...more

Employee Retention Credit for Independent Schools

Venable LLP on 5/9/2022

Under the CARES Act and subsequent COVID-19 legislation, independent schools may be eligible for the Employee Retention Credit (ERC), a refundable payroll tax credit for employers, including independent schools, whose...more

Employee Retention Tax Credits: Additional Guidance for Economically Challenged Businesses

Nutter McClennen & Fish LLP on 8/11/2021

The IRS issued Notice 2021-49 (the “Notice”) on August 4, 2021 to provide additional guidance on the Employee Retention Tax Credit (“ERTC”) applicable to the third and fourth quarters of 2021....more

American Rescue Plan Act -- COBRA Strikes

Constangy, Brooks, Smith & Prophete, LLP on 3/30/2021

Now you know. The American Rescue Plan Act has made some important changes to the obligations of employer-sponsored health plans under the Consolidated Omnibus Budget Reconciliation Act, better known as COBRA...more

Funny You Should Ask: FAQs Regarding Paid Leave Under The American Rescue Plan Act

Husch Blackwell LLP on 3/24/2021

As previously discussed, the American Rescue Plan Act was passed and signed into law by President Biden on March 11, 2021. The Act extends and expands payroll tax credits until September 30, 2021, for employers who...more

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

Nutter McClennen & Fish LLP on 3/22/2021

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

US Stimulus Creates Temporary COBRA Premium Subsidy and Payroll Tax Credit

Latham & Watkins LLP on 3/19/2021

Under the new stimulus law, employers must make available temporary COBRA premium subsidies and special COBRA enrollment rights to eligible individuals. Employers are entitled to a refundable payroll tax credit for the amount...more

IRS Issues Guidance for Employers Claiming 2020 Employee Retention Credit

Gould + Ratner LLP on 3/19/2021

Earlier this month, the IRS provided guidance for employers claiming the employee retention tax credit for 2020. Changes Under December 2020 Stimulus Plan - As detailed in a previous Gould & Ratner article on the...more

COVID-19: Congress Extends FFCRA Payroll Tax Credit through September, With Some New Wrinkles

Pierce Atwood LLP on 3/19/2021

The latest COVID-19 relief law, the American Rescue Plan Act of 2021 (ARPA), extends the payroll tax credit for emergency paid sick leave and expanded Family Medical Leave Act (FMLA) leave first enacted by the Families First...more

The Latest COVID-19 Stimulus: Highlights of Key Tax Provisions in the American Rescue Plan Act of 2021

Gould + Ratner LLP on 3/19/2021

The American Rescue Plan Act of 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The ARPA...more

Newly signed American Rescue Plan offers important changes to FFCRA paid leave

McAfee & Taft on 3/17/2021

Last Thursday, President Biden signed into law the $1.9 trillion stimulus package called the American Rescue Plan. While the final version of the bill did not include the much-debated increase in the federal minimum wage, it...more

Credit Where Credit Is Due: IRS Offers Long-Sought Guidance on Employer Retention Credit Program

Snell & Wilmer on 3/10/2021

As we previously reported, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) provided for an employee retention credit (“ERC”) designed to encourage employers to retain workers during the COVID-19...more

Retroactive 2020 Employee Retention Credit Changes and 2021 Enhancements

Burr & Forman on 3/3/2021

The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable tax credit against certain employment taxes equal to 50% of the...more

COVID-19 Paid Leave – What Employers Need to Know about the New Federal Relief Bill

Mitchell, Williams, Selig, Gates & Woodyard,... on 2/9/2021

On December 27, 2020, President Donald Trump signed into law the “Consolidated Appropriations Act of 2021 a small portion of which, the COVID-Related Tax Relief Act of 2020, (Relief Act) extends and modifies certain relief to...more

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