Employee Retention Credit—How to Get an IRS Tax Refund!

The CARES Act and subsequent COVID-19 legislation created and enhanced the Employee Retention Credit (ERC) as a means of incentivizing employers to keep employees on payroll despite operational challenges. As a result, many employers have already claimed millions of dollars in tax credits through the ERC. Those employers that have not yet claimed any ERC may still do so retroactively by filing amended payroll tax returns for tax years 2020 and 2021. This briefing will review the requirements for eligibility and how to quantify the value of the ERC, and address other payroll tax issues for employers to consider before the end of the year.