Posts Tagged ‘Employee Retention Credit’
Employee Retention Credit (ERC) Update – Voluntary Disclosure Program Ended, IRS Special Withdrawal Program Continues, and Audit Investigations May Intensify
As part of Aprio’s continuing commitment to providing organizations with updated information related to the Employee Retention Credit (ERC), we wanted to share some recent developments and considerations within the ERC program. ERC Program Status On January 31, 2024, the U.S. House of Representatives passed H.R. 7024 that would: However, at this time, the bill…
Read MoreEmployee Retention Credit (ERC) Update
As part of Aprio’s continuing commitment to providing organizations with updated information related to the Employee Retention Credit (ERC,) we wanted to share some recent developments and leading practices to consider. It is important to note that while the ERC was enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and…
Read MoreTax Alert: Potential ERC Impact of H.R. 7024 the Tax Relief for American Families and Workers Act of 2024
At a glance: Do you have ERC questions? Schedule a consultation with our team. The full story: On January 17, 2024, H.R. 7024 the Tax Relief for American Families and Workers Act of 2024, was introduced in the House. The stated goal of the legislation is: To make improvements to the child tax credit, to provide…
Read MoreEmployee Retention Credits in M&A Transactions
At a glance Are you ready to learn more? Schedule a conversation with our team. The full story: ERCs may have started as a helpful tool for businesses suffering from the COVID-19 pandemic, but they didn’t stay that way for long. Now, just three years later, ERCs have earned a place on the IRS’s “Dirty…
Read MoreHow Does the Employee Retention Tax Credit (ERTC) Impact Your ICS?
By: Donna Dominguez and Deirdre Bond At a glance Connect with Aprio today for assistance efficiently completing your Incurred Cost Submissions. The full story: Government contractors that received an Employee Retention Tax Credit (ERC or ERTC) for 2020 or 2021 are required to show this in the Incurred Cost Submission (ICS.) Many questions can arise…
Read MoreUp to $26K Per Employee! What’s the Catch with the ERC?
At a glance The full story: In the mail. On the radio. In your Facebook feed. Ads for the employee retention credit (ERC) are everywhere. Perhaps you’ve had the same thought that I have when reading or listening to these urgent prompts to get your ERC credit now – the IRS wants to give me…
Read MoreMaximizing Your R&D Credit as an ERC Recovery Startup Business
At a glance The main takeaway: ERC recovery startup businesses aren’t excluded from claiming the R&D Tax Credit, but strict rules prevent companies from receiving double benefits. Impact on your startup: The right strategy could help you maximize both credits and increase cash flow by reducing your payroll tax liability through fully refundable credits. Next…
Read MoreThree Ways a Change in Ownership can Impact ERC Value
At a glance The main takeaway: Companies involved in an acquisition or disposition during 2020 or 2021 have additional considerations for determining eligibility. Impact on your business: Any acquisition could impact your gross receipts analysis and your eligibility for the ERC. Next steps: Contact Aprio to assess your ERC eligibility and understand the impact any…
Read MoreThe Next Hurdle in your ERC Claim: Financial Reporting
At a glance: The main takeaway: Industry experts have recommended using the loss recovery model in response to widespread confusion about reporting the ERC in financial statements. Impact on your business: The loss recovery model means you can report ERC claims sooner and avoids any need to amend previous financial statements, but you must be certain in…
Read MoreHow to Attract and Retain Talented Employees with a Top Benefits Package
At a glance: Schedule a free consultation today The full story: Unexpected layoffs, school closings with scarce childcare options — these are just a few of the many hardships American workers have had to grapple with during the COVID-19 pandemic. But the upside is that workers are now benefiting from valuable leverage in the labor…
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