The Complex Rules Behind the ERC
The COVID-19 pandemic created unprecedented problems for businesses that were required to shut down or limit operations. The government responded by enacting the Coronavirus Aid, Relief, and Economic Security Act, which created the Paycheck Protection Program and the Employee Retention Credit.
In COVID Tax Tip 2021-123, the IRS clarifies some of the confusion surrounding the powerful but complex Employee Retention Credit. The IRS is addressing changes made by the American Rescue Plan Act of 2021 that apply to the third and fourth quarters of 2021.
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