Employee retention credit – Get the credit you deserve

Description

Abstract: In response to the financial impact of the COVID-19 pandemic, the CARES Act established the employee retention credit (ERC) to encourage employers — including nonprofits — to keep employees on the payroll. The credit has been expanded and increased for 2021, but it’s also not too late for eligible employers to amend their 2020 employment tax returns to take advantage of the break. This article reviews the status of the ERC under the CARES Act, the Consolidated Appropriations Act and the American Rescue Plan Act.