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June 21, 2021

COVID-19 Recovery - Time to Take Another Look at the Employee Retention Credit

After a series of rule changes and expansions to various COVID-19 relief programs, many companies are reconsidering certain federal benefits they had previously ruled out. The employee retention credit (ERC) is a prime example.

The initial intent of the ERC was to make it easier for a business to keep employees on the payroll if it was forced to close or partially suspend operations due to a mandatory government shutdown order or if it experienced significant revenue loss during the pandemic. While the basic structure and purpose of the program remain unchanged, both the eligibility criteria and the size of the potential benefits have changed significantly. (more…)

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Categories: COVID-19, Execs & Owners
Tags: American Rescue Plan Act, Consolidated Appropriations Act of 2021, Employee Retention Credit,
March 14, 2021

American Rescue Plan Act of 2021 - Relief for Individuals, Employees, and Businesses

President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. Unlike previous stimulus legislation, ARPA provides some economic relief to both businesses and individuals but the main purpose was to provide funding for government agencies and social programs. We have compiled a summary of the tax related provisions below. We will keep you updated as we continue to analyze the Act’s impact on our clients. (more…)

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Categories: COVID-19
Tags: American Rescue Plan Act, Employee Retention Credit, Stimulus Payments, Tax Credits,

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