It may be tax season, but the IRS continues to release guidance on various issues. Get an update on the employee retention credit and other late-breaking tax developments.
DESIGNED FOR
Tax, accounting, and financial professionals who want up-to-date information on the Paycheck Protection Program (PPP), employee retention credit (ERC) and other tax developments.
BENEFITS
- Assist clients in understanding how their PPP forgiveness application impacts the amount of their employee retention credit
- Get up to date on the status of the proposed (or possibly enacted) COVID relief bill
- Advise clients on how the second round of payments to taxpayers under the recovery
rebate program applies in their case
- Understand other guidance issued in the last month by the IRS and the courts
HIGHLIGHTS
- IRS new release on retroactive changes to the 2020 paycheck program:
- Who now qualifies to file a claim for a refund on their 2020 payroll tax filings?
- Determining the maximum amount of wages available for employee retention credit
- Understanding the breadth of situations that qualify as full and partial suspensions of a business
- Helping clients who are filing for PPP loan forgiveness do so in a manner that maximizes their employee retention credit
- Details of the status of the 2021 COVID relief package including:
- Additional advance payments of the recovery rebate credit
- Extension of payroll tax relief provisions, including ERC and leave credits
- Status of penalty tax/tax credits related to a $15 minimum wage
- Other tax provisions included in the final bill
- Update on revised PPP, looking towards assisting clients with upcoming forgiveness applications
- Other tax developments taking place in 2021
PREREQUISITES
None
ADVANCE PREPARATION
None