TheEmployee Retention Credit (ERC)was passed into law in 2020 as a way to alleviate the economic strain caused by the COVID-19 pandemic on businesses. As of 2023, this tax credit can still be retroactively claimed on wages paid throughout 2020 and select quarters of 2021. However,...
Within the Employee Retention Credit (ERC), there is a component known as the nonrefundable portion. The nonrefundable portion refers to the part of the credit that cannot exceed the employer’s total liability for Social Security taxes in a given calendar quarter. Simply put, if the calculated...
The Employee Retention Tax Credit is a tax credit designed to help businesses keep employees on their payroll. This is available to all employers regardless of the size of their business,
What CPAs Need to Know about Employee Retention Credit FraudFerguson, Christopher M.Taylor, DavidCPA Journal
The employee retention credit (ERC) is a form of government assistance established by the Coronavirus Aid, Relief and Economic Security (CARES) Act to help businesses keep staff employed during the COVID-19 pandemic. While this regulatory update brought relief to nonprofit organizations affected by ...
What –Effective January 1, 2023, Assembly Bill 523 makes it unlawful to discriminate against an employee or job applicant based on their “reproductive health decision-making.” Reproductive health decision-making includes, but is not limited to, a decision to use or access a particular drug, ...
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Just like the Paycheck Protection Program (PPP), lots of businesses took advantage of the IRS’ pandemic-related Employee Retention Credit. Also, like the PPP, the IRS has identified the Employee Retention Credit as a frequent source of fraud. Now, it is working to hold employers accountable....
Read: The New Law No One Is Talking About ERC Voluntary Payback Small business owners may have been lured into getting questionable Employee Retention Credits (ERC). Unfortunately aggressive marketing led businesses to apply, even if they were not good candidates for this tax credit. ...