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Employee Retention › Internal Revenue Service › Small Business

Whiteford

Client Alert: The Employee Retention Credit and How to Handle Unprocessed Claims

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The Employee Retention Credit (ERC) was introduced as part of the March 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act to encourage businesses to maintain their workforce during the economic disruptions of...more

Lippes Mathias LLP

Where's My Employee Retention Credit?

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In the years since COVID-19 shut down the country, many businesses applied for the Congressionally-authorized Employee Retention Credit (ERC), a valuable relief program created during the pandemic to support businesses who...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Dickinson Wright

IRS Orders Immediate Stop to New Employee Retention Credit Claims and Announces Future Settlement Program

Dickinson Wright on

The Employee Retention Tax Credit (“ERC”), enacted as a part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), is a fully refundable tax credit for employers, which is up to $26,000 per eligible...more

Foley & Lardner LLP

Cos. Should Heed IRS Warnings About Employee Tax Credit

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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

Kohrman Jackson & Krantz LLP

Beware of ERC Free Money Claims

Kohrman Jackson & Krantz LLP on

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

Adams & Reese

Eligibility for CARES Act ERC Program Worth a Second Look for Many Small Businesses

Adams & Reese on

The Employee Retention Credit (ERC), established by Congress in the CARES Act in March 2020, is for businesses subject to closure due to COVID-19. ERC is a refundable payroll tax credit that eligible employers may claim for...more

Buckingham, Doolittle & Burroughs, LLC

Once-in-a-Lifetime Tax Incentive: Employee Retention Credit extended to Q3 and Q4 2021, and expanded for start-ups and struggling...

Buckingham, Doolittle & Burroughs, LLC on

On August 4, 2021, the IRS released additional guidance concerning the Employee Retention Credit (ERC) for Q3 and Q4 2021. See IRS Notice 2021-49. A notable expansion to eligible businesses includes any business started after...more

Proskauer Rose LLP

Coronavirus Tax Relief (Updated)

Proskauer Rose LLP on

On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (H.R. 6201), and on March 27, 2020, he signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”)...more

White and Williams LLP

IRS Issues Guidance on Tax Impact of PPP Loan Forgiveness Under the CARES Act

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The Internal Revenue Service (IRS) recently issued Notice 2020-32 (Notice), which discusses the deductibility of expenses that are funded by a Paycheck Protection Plan (PPP) loan and the subsequent loan forgiveness. Section...more

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