Employee Retention Credit Updated Through Notice 2021-23
This is s a 2-hour live video conference (2 CPE credits) led by Lucien P. Gauthier, Esq., LL.M., CPA who has been a practicing tax attorney for over 50 years.
This live video conference has been updated for Notice 2021-23 released by the IRS on 4/2/2021.
This is a 2-hour live video conference led by Lucien P. Gauthier, Esq., LL.M., CPA. Topics include the amendments made by Act Section 206 which are effective as if included in the CARES Act (effective on 03/27/20) such as permitting the ERC to be claimed by taxpayer-borrowers that received a PPP loan and the limitation that “payroll costs” NOT include “qualified wages” taken into account in determining the credit allowed under section 2301 (the ERC). Topics also include the amendments made by Act Section 207 which are effective for calendar quarters beginning after 12/31/20 such as the extension of the ERC through 06/30/21, the increase in the credit percentage from 50% to 70%, the increase in the per employee limitation from $10,000 for all calendar quarters to $10,000 for ANY calendar quarter, the modification to the definition of eligible employer including the decrease in reduction in gross receipts necessary to qualify as an eligible employer, the modification of determination of qualified wages including the threshold for treatment as a large employer, and much more. The priority for dealing with PPP loan forgiveness, claiming the ERC, and the preparation of business income tax returns also will be discussed.
Zoom Live Video Conference: (4/9) from 2pm-4:15pm ET
After completion, participants will be able to discuss with clients all the relevant provisions of the ERC updated through Notice 2021-23.