IRS Provides Additional Guidance For ERC Q3 & Q4!


Good news! The IRS has provided additional guidance to employers for claiming ERC (Employee Retention Credit) for the third and fourth quarters of 2021. The great news is that ERC (employee retention credit) is now expanded to startups! Pls watch https://www.youtube.com/watch?v=flUg9_mQFUo. If you started a business after Feb 15, 2020, you do not need to prove suspension in your operations or revenue reduction to qualify! The most exciting news is you can start receiving as much as up to 50K in Q3 and another 50K in Q4, depending on how many employees you are going to hire. In addition, ERC may also be claimed by an eligible employer if they are carrying on a trade or business’s operation that is fully or partially suspended due to order from the government. One of the changes under ARPA is that third and fourth quarters of 2021, eligible employers claim the credit against the employer’s share of Medicare tax rather than against their share of social security tax.

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Learn More: https://www.journalofaccountancy.com/news/2021/aug/irs-updates-employee-retention-tax-credit.html