2021 – 11/22 – Infrastructure law sunsets Employee Retention Credit early
Wolff and Taylor November 23, 2021 No Comments Share
Business Tax23 Nov
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through Sept. 30, 2021 (rather than through Dec. 31, 2021) unless an employer is a “recovery startup business.” The Infrastructure Investment and Jobs Act, which was signed by President Biden on Nov. 15, doesn’t have many tax provisions but this one is important for some businesses. If you anticipated receiving the ERC based on payroll taxes after Sept. 30 and retained payroll taxes, consult with us to determine how and when to repay those taxes and address any other compliance issues.
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2023 – 02/07 – Answers to your questions about 2023 limits on individual taxes