IRS Clarifies ERTC as Tax Day Approaches

Last Saturday, the Internal Revenue Service (IRS) revised some of the FAQs on the Employee Retention Tax Credit clarifying a number of provisions relating the maximum amounts of an eligible employer’s ERTC, qualified wages and determining allocable qualified health plan expenses among others. In addition, the agency announced that it will be re-opening all of…

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Treasury Expands Applicability of Tax Credit

Last week, the US Department of the Treasury announced in a letter to members of the US Senate that it will revise its initial guidance prohibiting employers from claiming the Worker Retention Tax Credit. That guidance disqualified employers from claiming the credit when paying for their workers’ health benefits but not providing wages. In response…

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