News & Analysis as of

Relief Measures Coronavirus/COVID-19 Tax Relief

PilieroMazza PLLC

Employee Retention Credit: Moratorium, Withdrawals, and March 22 Deadline for Voluntary Disclosure Program

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The Employee Retention Credit (ERC)—sometimes called the Employee Retention Tax Credit or ERTC—is a refundable tax credit for certain eligible businesses and tax-exempt organizations that had employees and were affected...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

Roetzel & Andress

Employee Retention Tax Credit: Post COVID Updates for Healthcare Practices

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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

Gray Reed

ERC Claims on Hold While IRS Figures Out What it Thinks is Real

Gray Reed on

The IRS recently issued a press release regarding its “continuous efforts to combat dubious Employee Retention Credit (ERC) claims” to announce an initial round of over 20,000 notification letters of disallowed ERC claims....more

Tucker Arensberg, P.C.

Review of Employee Retention Tax Credit (ERTC) Claim

Tucker Arensberg, P.C. on

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

Gray Reed

IRS Chief Counsel Issues GLAMon ERC Supply-Chain Disruption Eligibility

Gray Reed on

Section 2301 of the CARES Act, as amended, permits employers to claim employee retention credits (“ERCs”) if they meet certain requirements. Under one of those requirements, an employer may claim an ERC if the employer’s...more

DarrowEverett LLP

How IRS Is Cracking Down on Employee Retention Tax Credit Fraud

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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

Burns & Levinson LLP

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

Burns & Levinson LLP on

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

Manatt, Phelps & Phillips, LLP

The Employee Retention Credit: Reduce Employer Payroll Taxes and Generate Cash

Added to federal tax law by the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and further expanded in 2021, the Employee Retention C redit (ERC) can significantly reduce an employer’s federal employment...more

Trusaic

You Can Still Leverage the Employee Retention Credit

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Even though it’s 2022, there’s still time to take advantage of the limited-time opportunity, Employee Retention Credit.  The Employee Retention Credit is simple in concept. The refundable tax credit provides...more

Ruder Ware

Employers Beware: IRS Cautions Employers Against Engaging Third Party Employee Retention Credit Consultants

Ruder Ware on

Recently, we have been fielding a fair number of inquiries from clients who have been approached by third parties urging them to claim the Employee Retention Credit (“ERC”)... ...more

Hogan Lovells

Neue Corona-Steuergesetze und Energiepreispauschale

Hogan Lovells on

Anhaltende Belastungen, die sich nicht zuletzt infolge der Corona-Pandemie sowie des Ukraine-Kriegs ergeben, stellen die Bürger*innen und Unternehmen in Deutschland vor große wirtschaftliche Herausforderungen. Zwei...more

Obermayer Rebmann Maxwell & Hippel LLP

IRS Helps Taxpayers Avoid Tax Penalties Caused by Retroactive Termination Of Employee Retention Credit

The Employee Retention Credit (the “ERC”) was created by the CARES Act to encourage businesses to retain employees on their payroll by providing a refundable tax credit equal to 50% of qualified wages. This credit was...more

Wiley Rein LLP

PPP Recipients Beware – Your Loan Forgiveness May Be a Credit Due Back to Government

Wiley Rein LLP on

One of most significant aspects of the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was the “Paycheck Protection Program” (PPP). PPP, administered by the Small Business Administration (SBA), authorized...more

Dickinson Wright

Coronavirus Tax Relief: Treatment of Amounts Paid to Section 170(c) Organizations under Employer Leave-based Donation Programs to...

Dickinson Wright on

The Department of the Treasury and the Internal Revenue Service have extended the treatment provided in Notice 2020-46 to leave-based donation programs and cash payments in connection with such programs that are made to...more

Ervin Cohen & Jessup LLP

California Expands Business Relief Grants

On May 13, 2021, California Governor Gavin Newsom announced an expansion of the state’s COVID-19 Small Business Relief Grant program from $2.5 billion to $4 billion. The expansion makes California’s business relief grants...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses -UPDATED April 2021 #1

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

Stoel Rives LLP

COVID Relief Update: This Week at the SBA

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This week has seen three significant developments relating to Small Business Administration (“SBA”) programs designed to help businesses weather the lingering impacts of COVID-19....more

Burr & Forman

PPP Loan Application Date Extended by Congress

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President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021.  The new law gives qualifying businesses and...more

Brownstein Hyatt Farber Schreck

House Passes PPP Extension Act of 2021

On March 16, the House passed 415-13 H.R. 1799, the PPP Extension Act of 2021. The bill would extend the Paycheck Protection Program (PPP) loan application deadline to May 31 from March 31 and give the Small Business...more

Burr & Forman

Time is Running Out to Apply For a PPP Loan

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The second PPP loan program is due to expire March 31, 2021.  Many eligible businesses have still not applied.  President Biden announced changes to the program on February 22, 2021 making it easier to qualify for a PPP loan...more

Ballard Spahr LLP

ARP: Tax Provisions

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ARP Tax Changes Include Credit Extensions/Expansions, Tax Relief for EIDL and Grant Recipients, and Changes to Worldwide Interest Allocation Rules - Among many other provisions, the American Rescue Plan (ARP), the $1.9...more

Burr & Forman

Retroactive 2020 Employee Retention Credit Changes and 2021 Enhancements

Burr & Forman on

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

Brownstein Hyatt Farber Schreck

Democrats Unveil COVID-19 Bill Text Ahead of Markup

On Feb. 8, House Ways and Means Committee Chair Richard Neal (D-MA) released text representing its portion of Democrats’ $1.9 trillion COVID-19 stimulus legislation, modeled after President Joe Biden’s American Rescue Plan....more

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