Employee Retention Credit Is Now Gone!
We have some shocking news today! ERC has ended! The infrastructure legislation ends the employee retention credit (ERC) early, making wages paid after Sept. 30, 2021, ineligible for the credit (except for wages paid by an eligible recovery startup business). This latest legislation H.R. 3684 passed the House of Representatives and is headed to the President’s desk to be signed into law. President Joe Biden is expected to sign the Infrastructure Investment and Jobs Act which will have tax provision changes that include the early removal of employee retention credit (ERC) and crypto assets will be required to be reported to the IRS. The legislation will modify the automatic extension of certain deadlines for taxpayers affected by federally declared disasters. If you are a business owner who has started your business after Feb 15, 2020, you are still eligible for ERC in Q4 2021. Need help? please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts! #business #taxes #cryptocurrencies #crypto #employeeretentioncredit #IRS #tax