The CARES Act created the employee retention credit (ERC) to assist employers affected by the COVID-19 pandemic. The Consolidated Appropriations Act expanded and modified it in December 2020. A major modification includes allowing Paycheck Protection Program (PPP) loan recipients to retroactively claim the ERC on qualifying 2020 expenses. Now, companies have an opportunity to revisit the 2020 calendar year to evaluate the availability of retroactive credits. The ERC has also been expanded significantly for 2021, with the maximum credit increasing from $5,000 per employee to $14,000 per employee.During this view on-demand webinar, our ERC experts address the most significant aspects of the ERC including the recent changes, the most frequently asked questions, and examples to help ensure you’re taking full advantage of the credit.
Learning objectives:
- Understand the most significant aspects of the employee retention credit, including the modifications and expansions from the December legislation.
- Determine if a company is eligible for the credit and how qualified wages will be computed for both 2020 and 2021.
- Identify examples and scenarios that will best provide the credit to companies.
- Evaluate the impact of the employee retention credit on income tax returns, payroll tax returns, and PPP loan forgiveness applications.
