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Employee Retention Internal Revenue Service Today's Popular Updates

Ballard Spahr LLP

IRS Changes Course on Income Tax Impact of Employee Retention Credit

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On March 20, 2025, the IRS updated its guidance to employers that claimed the employee retention credit (ERC). The updated guidance materially differs from prior IRS guidance of how and when employers should report the income...more

Husch Blackwell LLP

IRS Introduces Second Opportunity for ERC Claimants to Correct Errors

Husch Blackwell LLP on

On August 15, 2024, the Internal Revenue Service (IRS) launched a second Employee Retention Credit (ERC) Voluntary Disclosure Program for employers to correct any mistakes related to their ERC claims. The ERC, introduced by...more

Fox Rothschild LLP

The IRS has started its own Employee Retention Credit Olympics

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Coinciding with the opening day of the Olympic games, the IRS issued IR-2024-198, again stating that it will deny tens of thousands of ERC claims that, according to the IRS at least “show clear signs of being erroneous,”...more

Herbert Smith Freehills Kramer

IRS Prepares for Next Stage of Combating Fraudulent Pandemic-Related Employee Retention Credits (ERCs)

On June 20, following a long and detailed review process, the IRS announced its plan to deny tens of thousands of highest-risk Employee Retention Credit (ERC) claims while resuming the processing of only the lowest-risk ERC...more

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

Saul Ewing LLP

Proposed Changes to the Employee Retention Credit Filing Deadline: H.R. 7024 Would Sunset the ERC on January 31, 2024

Saul Ewing LLP on

Last week, the House Ways and Means Committee voted to advance the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) to the House floor. As drafted, H.R. 7024 would be funded entirely by limitations on the...more

Ballard Spahr LLP

House Tax Bill Would Greatly Accelerate Employee Retention Credit Filing Deadlines

Ballard Spahr LLP on

The current draft of the Tax Relief for American Families and Workers Act of 2024 includes a proposed provision that would dramatically accelerate the deadline to file claims for the Employee Retention Credit (ERC) to January...more

Stinson LLP

Immediate Deadlines May Loom For Employee Retention Credit Claims

Stinson LLP on

In late 2023, the Internal Revenue Service (IRS) implemented three important initiatives that will impact employers who have filed, or intend to file, Employee Retention Credit (ERC) refund claims. This alert provides a brief...more

Fox Rothschild LLP

Employee Retention Tax Credit: Updates From Congress and the IRS

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There are several new developments in the Internal Revenue Service’s ongoing campaign to combat false and fraudulent Employee Retention Credit (ERC) claims, including an indefinite extension of the agency’s moratorium on...more

Miller & Martin PLLC

IRS Announces Voluntary Disclosure Program for Employee Retention Credit Claims

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The Internal Revenue Service has announced a voluntary disclosure program for employers that may have filed non-qualifying Employee Retention Credit (ERC) claims under the CARES Act for the wages paid during 2020 and 2021....more

Blank Rome LLP

The IRS Announces Employee Retention Tax Credit Voluntary Disclosure Program: Why You May Want to Take a Look

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It’s no secret. Lots of people made poor decisions about their eligibility for the employee retention credit (“ERC”), which was passed by Congress to help businesses weather the pandemic-induced economic downturn. Apart from...more

Orrick, Herrington & Sutcliffe LLP

FinCEN, IRS issue alert on Covid-19 employee retention credit fraud schemes

On November 22, FinCEN and the IRS issued an alert to financial institutions regarding Covid-19 Employee Retention Credit (ERC)-related fraud schemes. Authorized by the CARES Act, the ERC is a tax credit aimed at...more

Lippes Mathias LLP

IRS Halts Processing of ERC Claims Citing Extensive Fraud and Abuse

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In an extraordinary development, the IRS has halted its processing of Employee Retention Credit (“ERC”) refund claims as it struggles to keep up with the massive number of claims filed within the last several months. The...more

Jackson Walker

What the IRS is Saying Lately about the Employee Retention Tax Credit

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The employee retention tax credit (“ERTC”) has garnered a lot of “buzz” lately – both from the IRS and businesses who have either received the credit or are seeking the credit. The buzz is well deserved, as the IRS has...more

DarrowEverett LLP

How IRS Is Cracking Down on Employee Retention Tax Credit Fraud

DarrowEverett LLP on

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

Jackson Lewis P.C.

The Infrastructure Investment and Jobs Act: Key Takeaways for Employers

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On November 15, 2021, President Joe Biden signed the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) into law. According to the White House, the IIJA will play an important role in rebuilding and improving roads,...more

Gould + Ratner LLP

IRS Issues Additional Guidance for Claiming the Employee Retention Tax Credit

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Last week, the IRS issued additional guidance on the employee retention tax credit, including information regarding the expansion of the credit to certain wages paid during the third and fourth calendar quarters of 2021 and...more

Fox Rothschild LLP

A Guide For Employers To The American Rescue Plan Act

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The American Rescue Plan Act of 2021 is an enormous and intricate piece of legislation that has direct consequence for employers. Signed into law by President Joe Biden on March 11, 2021, ARPA mandates several important...more

Katten Muchin Rosenman LLP

2020 Year-End Estate Planning Advisory

In 2020, COVID-19, the US presidential election, the Tax Cuts and Jobs Act (the TCJA), and the Coronavirus Aid, Relief and Economic Security Act (the CARES ACT) dominated the planning landscape....more

Snell & Wilmer

IRS Issues Revised Guidance on Employee Retention Credits and Qualified Health Plan Expenses, Offering Relief for Employers that...

Snell & Wilmer on

The Coronavirus Aid, Relief and Economic Security Act ("CARES Act") provides for an employee retention credit (“ERC”) designed to encourage employers to retain workers during the COVID-19 crisis. The Internal Revenue Service...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Updates FAQs on Employee Retention Credit Under the CARES Act

On April 29, 2020, the Internal Revenue Service (IRS) provided additional guidance on the employee retention credit (ERC) available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act via new frequently asked...more

White & Case LLP

US IRS Provides Guidance Regarding Employee Retention Tax Credit Under the CARES Act

White & Case LLP on

Pursuant to the federal Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), enacted on March 27, 2020, eligible employers are granted an employee retention tax credit against applicable employment taxes (the...more

Troutman Pepper Locke

CARES Act Guide: Overview of IRS Guidance Regarding the Employee Retention Credit

Troutman Pepper Locke on

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020. Section 2301 of the CARES Act provides for a refundable payroll tax credit (the “Retention Credit”) for 50% of...more

Haynsworth Sinkler Boyd, P.A.

IRS Launches Employee Retention Credit

On March 31, 2020, the Internal Revenue Service (IRS) launched the Employee Retention Credit for employers who have been impacted by COVID-19. Below are details about the credit: ELIGIBILITY- •Designed to keep employees on...more

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