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June 1, 2021
The employee retention credit was first introduced in March 2020 in the CARES Act in an effort to keep employees on businesses’ payrolls during the COVID-19 pandemic and has undergone a few iterations since.
Now the American Rescue Plan Act of 2021 has extended the ERC through December 31, 2021. Accountants advise that some businesses that didn’t qualify in 2020 may still qualify in 2021.
For a broad overview of the ERC as it compares for 2020 and 2021, see the chart below. Due to the complexity of the program and the rules that changed between 2020 and 2021, businesses should make sure they’re working with an expert to claim the credit on their employment taxes.
ERTC 2020
ERTC 2021
PPP loans and eligibility
For purposes of the ERTC, the IRS defines qualified employee wages to include salaries, commissions, tips or similar compensation that are subject to FICA tax and certain health expenses, among others.
For the most accurate and recent information on the ERTC, please visit the IRS’ dedicated guidance at COVID-19-Related Employee Retention Credits: How to Claim the Employee Retention Credit FAQs.
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