News & Analysis as of September 18, 2024

Tax Credits

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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 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

The Employee Retention Tax Credit: IRS Developments and Strategy for Taxpayers

Winthrop & Weinstine, P.A. on 1/10/2024

The Employee Retention Tax Credit (“ERTC”), under the CARES Act, is a refundable tax credit filed against a company’s payroll taxes. The ERTC was enacted to incentivize employers to maintain their employee base during the...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

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

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

UPDATE: Payroll Tax Credits for Paid Leave Under the FFCRA Extended Through March 31, 2021

Akerman LLP - HR Defense on 1/5/2021

The pandemic relief package enacted by Congress in late December briefly extended the available payroll tax credits for leave provided under the Families First Coronavirus Response Act (FFCRA) through March 31, 2021....more

2020 End of Year Tax Planning for Businesses

Bowditch & Dewey on 10/28/2020

As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: -...more

Revised Summary of CARES Act and FFCRA Tax Credit and Payroll Tax Relief

Troutman Pepper on 7/15/2020

This is an update to our “Summary of CARES Act and FFCRA Tax Credit and Payroll Tax Relief” chart published on May 21, 2020, that summarizes the payroll and tax credit programs under the Coronavirus Aid, Relief, and Economic...more

VIDEO: Top 10 COVID-19 Tips for Employers: Cares Act Tax Provisions Edition

Chartwell Law on 5/20/2020

In the second installment of the video series, Chartwell Law attorneys Robert Baker, Thomas Gallagher and Jonathan Spadea discuss the various beneficial tax implications of the CARES Act....more

Planning to Claim the COVID-19-Related Tax Credits

Carlton Fields on 4/9/2020

This article intends to help your payroll or finance departments prepare to take advantage of the employment tax credits provided by the Families First Coronavirus Response Act (FFCRA), signed into law on March 18, 2020....more

Business And Individual Income Tax Provisions Of The Cares Act

Goodwin on 4/1/2020

On Friday, March 27, Congress passed, and the President signed, the bipartisan “Coronavirus Aid, Relief, and Economic Security Act” (the “Act”), a $2 trillion economic stimulus plan to provide funding and tax relief to...more

The CARES Act: Tax Relief and Incentives

Jackson Walker on 4/1/2020

Friday, March 27th, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act contains significant tax relief for individuals and businesses. Below are the tax highlights....more

Key Tax Provisions of the CARES Act

Burr & Forman on 3/31/2020

The COVID-19 or Coronavirus has disrupted demand in many industries and is wreaking havoc on budgets and cash flow projections. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act),...more

Payroll Tax Credits for Paid Sick Leave and Child Care Leave Authorized for Eligible Employers with Workers Impacted by the...

Kramer Levin Naftalis & Frankel LLP on 3/24/2020

On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (H.R. 6201) (the Act) into law, authorizing certain relief to employees and small and midsize businesses pertaining to the COVID-19...more

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