Employer Retention Credit: Eligibility, 2020 vs. 2021 Credits, Amended 941s, IRS Notices

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

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Tuesday, November 8, 2022

1:00pm-2:50pm EST, 10:00am-11:50am PST

Early Registration Discount Deadline, Friday, October 14, 2022

or call 1-800-926-7926

This webinar will cover the Employee Retention Credit (ERC), including who is eligible, the credits available, and the related IRC notices. Our panel of federal income tax experts will highlight the multitude of changes made to the ERC for practitioners working with eligible and potentially eligible employers.

Description

ERCs were authorized as part of the CARES Act and provided a 50 percent credit for qualified wages between Mar. 12, 2020, and Dec. 31, 2020. A full or partial suspension of operations or a significant decline in gross receipts could be eligible for this relief meant to keep employees on the payroll.

Since its initial implementation, the ERC has been revised by the Consolidated Appropriations Act, The American Rescue Plan Act, and the Infrastructure Investment and Jobs Act. There is also pending legislation to include the 4th quarter of 2021, which was recently eliminated under the Infrastructure Investment and Jobs Act.

The frequent changes are complex for practitioners to track; however, the savings are substantial. Savings can be as much as $5,000 for 2020 and $7,000 for the first three quarters of 2021 per employee. Companies have three years to file amended returns to claim eligible credits. Tax advisers need to understand how to take advantage of these credits for struggling businesses.

Listen as our panel of ERC experts explains the particulars of the ERC for tax practitioners.

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Outline

  1. Employee Retention Credits: introduction
  2. 2020 COVID-19 ERC
  3. 2021 COVID-19 ERC
  4. Eligible employers
  5. Revisions to ERC
    1. Consolidated Appropriations Act
    2. American Rescue Plan Act
    3. Infrastructure Investment and Jobs Act
    4. ERTC Reinstatement Act
  6. IRS Notices 2021-20, 2021-49, and 2021-20 Guidance on the ERC
  7. Reduction in gross receipts
  8. Reduction for the employer portion of Social Security and Medicare taxes
  9. Other considerations

Benefits

The panel will cover these and other critical issues:

  • Which employers are eligible for ERCs?
  • Changes made to ERC by the Consolidated Appropriations Act
  • Differences between 2020 and 2021 ERC
  • Guidance in IRS Notices 2021-20, 2021-49, and 2021-23

Faculty

Browne, James
James R. Browne

Partner
Barnes & Thornburg

Mr. Browne advises clients on the U.S. income tax aspects of domestic and international business transactions and...  |  Read More

Pon, Lawrence
Lawrence K.Y. Pon, CPA/PFS, CFP, EA, USTCP, AEP

-
Pon & Associates

Mr. Pon has been in practice since 1986 providing comprehensive tax and financial planning, tax preparation and...  |  Read More

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