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VIEWpoint Issue 1 | 2023
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The Internal Revenue Service (IRS) has released guidance for employers claiming the employee retention credit (ERC), including clarifications and retroactive changes under the new law applicable to 2020, primarily related to the expanded eligibility for the credit.
Here are key takeaways related to the ERC provided by the IRS in Notice 2020-21:
Employers will also be required to submit documentation such as how it determined the amount of allocable qualified health plan expenses and whether the employer was treated as a member of an aggregated group for purposes for the ERC, plus copies for copies of completed federal employment tax returns.
To determine your overall ERC eligibility, answer the questions below related to your business:
If you answered “yes” to all three questions, you may qualify for the ERC. Be sure to work with your tax advisor to ensure you are maximizing your credit.
Doeren Mayhew continues to follow guidance related to the ERC as it relates to changes for 2021. To obtain tax advisory assistance, contact us today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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