The Employee Retention Credit (ERC) can yield a ton of money. The new law opens ERC up to PPP borrowers retroactively and expands it prospectively. The IRS just now dropped all-new, badly needed guidance (IRS Notice 2021-20) showing us how ERC works.
Here's the payoff to create a hunger for it: a company with ten employees (making $40,000 each) can stuff a cool $190,000 back in its pocket after properly maneuvering through ERC.
How do you claim ERC? How does it interact with the income tax return? What must every unsuspecting income tax preparer know? How does ERC interact with PPP forgiveness apps, both filed and unfiled?
Complexity abounds with the revamped ERC (the new retroactive keys to the kingdom). Thread the needle with us to put the most in your pocket.
Bradley Burnett is a practicing Colorado attorney with 33 years of experience working specifically on tax issues. His practice specializes in tax planning and tax controversy resolution. Mr. Burnett has authored and delivered more than 3,000 presentations on U.S. tax law in the U.S. and international jurisdictions.