American Rescue Plan Act signed into law – Tax provisions included

The third round of coronavirus relief legislation is intended to offer economic aid to businesses and self-employed, but also includes additional direct payments to and other forms of tax relief and credits for individual taxpayers. Key tax provisions have been outlined in this detailed post from Shannon & Associates…

Employee Retention Credit 2021

The Consolidated Appropriations Act (CAA) passed December 27, 2020, makes major changes to the Employee Retention Credit (ERC). The ERC is available on qualifying wages paid during the first two quarters of 2021 which meets the following test. The Company has more than a 20% decline in gross revenue comparing the same quarter of 2021 to 2019. For example…

Employee Retention Credit – An Alternative to the Paycheck Protection Program Loan

The Employee Retention Credit is an alternative to the Paycheck Protection Program Loan. The CARES Act includes a payroll tax credit called the Employee Retention Credit. Employers who did not obtain a PPP loan can take advantage of this credit. The following Shannon Alert provides details on the credit. What is it? Which employers Qualify? How does this credit work with other available relief? And more.

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