New Infrastructure Bill Ends ERC!

We have a huge update! The infrastructure bill would end 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). The American Rescue Plan Act, P.L. 117-2, enacted March 11, made the ERC available to eligible employers for wages paid during the third and fourth quarters of 2021; however, H.R. 3684 would repeal that extension. The IRS issued guidance recently on claiming the credit in the third and fourth quarters of 2021 (Notice 2021-49) but noted in that guidance that it is watching this legislative development. If you are eligible to apply for ERC, apply today! If you have questions about ERC and 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 #ERC #employeeretentioncredit

Learn More:

https://www.journalofaccountancy.com/news/2021/aug/infrastructure-bill-tax-provisions.html