Employee Retention Credit (ERC)
Our previous newsletter indicated the potential early termination of the Employee Retention Credit (ERC) due to a provision in the Infrastructure bill passed by the Senate in August. The House of Representatives passed the Infrastructure Investment and Jobs Act on November 5, 2021, accepting the amendments the Senate had made to the bill. The President is expected to sign the bill.
The legislation makes wages paid after Sept. 30, 2021, ineligible for the credit (except for wages paid by an eligible recovery startup business).
Recovery startup businesses would remain eligible through December 31, 2021.
If you have not determined if you are eligible for the ERC, you still have time. … Read More