IRS Clarifies PPP Loans, Retention Credit Wage Reporting Rules
By EsqSocial Corporation 03/03/21
On March 1, the Internal Revenue Service (IRS) issued Notice 2021-20, which provides updated guidance on the Employee Retention Tax Credit (ERTC) as it applies before Jan. 1, 2021. The ERTC was first enacted on March 27, 2020, pursuant to Sec. 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). It provided eligible employers with a refundable tax credit up to $5,000 per employee, for qualified wages paid from March 13, 2020, through Dec. 31, 2020. The provision was...
By: Brownstein Hyatt Farber Schreck