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In the News

Making Sense of the Employee Retention Tax Credit

Over the past fourteen months, the employee retention tax credit has undergone a number of changes since it was initially introduced. The most current information is in the Current Employee Retention Tax Credit Standards: American Rescue Plan Act – March 2021 section, but we recommend reading everything below to understand the full picture of the employee retention tax credit.

Key Points From This Post

• The American Rescue Plan Act signed into law March 11, 2021 extended and expanded the employee retention tax credit to December 31, 2021 to eligible employers who retained employees during the COVID-19 pandemic.
• Qualifying standards have changed over the months, but as a baseline, qualification is determined by one of two factors.
• The employee retention credit cannot be claimed for wages that are expected to be forgiven under a Paycheck Protection Plan loan or other Covid-relief programs.