During the peak of the COVID-19 pandemic, the Employee Retention Benefit (ERC) aided employers who retained employees on staff. Even if the credit is no longer offered, qualified employers who haven’t yet claimed it may still be able to do so by filing revised payroll returns for the tax years 2020 and 2021. However, the
Inflation is currently impacting many businesses, forcing them to quickly adapt to a changing economic climate. Whether grappling with the continuously rising costs of supplies or navigating the impact of rising interest rates, businesses have a slew of concerns about their bottom line. For most businesses, tax credits offer a way to combat the effects
A new law has retroactively terminated the ERC before it was scheduled to end — unless the employer is a “recovery startup business.”
There are several key tax provisions found in the IIJA. Here’s a summary of what’s in the Infrastructure act.
The ERC has been expanded and increased, but it’s also not too late for employers who are eligible for the ERC to amend their 2020 employment tax returns.
There are a number of tax credits and incentives that businesses can take advantage of to help offset the losses experienced during the pandemic.