The IRS recently made updates on its Employee Retention Credit (ERC) page. This credit is also referred to as the Employee Retention Tax Credit, and is a refundable credit that may apply to tax-exempt organizations and businesses.
The requirements for claiming the ERC differ based on the time period for which it’s claimed. Aggressive marketers and scammers have increased their efforts to confuse potential applicants, encouraging them to file claims.
If you’re unsure of whether your business qualifies for the ERC or have requestions related to qualifying orders, recovery startup business, eligibility, decline in gross receipts, scams, recordkeeping, timing, and/or claiming the credit, review the updated FAQ page to find answers directly from the IRS.
You can also review the Employee Retention Credit page to find instructions, forms, and notices or seek technical guidance.
This article is informational and does not constitute legal or financial advice. Consult with an employment lawyer or accountant for additional clarification on how these changes impact your company.
