With the tax season just around the corner, we felt it was timely to share a piece of important tax information that may be of significant benefit to your company. A number of changes to employee retention tax credits were enacted under the The Taxpayer Certainty and Disaster Tax Relief Act of 2020. Changes included modifying and extending the Employee Retention Credit (ERC), for six months through June 2021, with some changes applying to only 2021 while other apply to both 2020 and 2021.
Below is a helpful link that provides additional information, as well as additional links and applicable forms. 1st State Bank encourages you to connect with your CPA or other tax matter subject expert for further information.
New law extends COVID tax credit for employers who keep workers on payroll | Internal Revenue Service (irs.gov)