As a result of new legislation, the employee retention credit (ERC) was expanded and extended in 2021. There are two opportunities that employers need to consider: (i) retroactive relief for the 2020 ERC for all businesses that obtained a PPP loan and (ii) current ERCs for the first two quarters in 2021, i.e., eligible employers can claim a refundable tax credit equal to 70% of the qualified wages they pay to employees from January 1, 2021, through June 30, 2021. This session will explore both opportunities and explain the applicable rules and IRS guidance, including strategic guidance to maximize both PPP loan forgiveness and the ERC. Join us for this session in which Withum tax policy expert Dan Mayo will go over the provisions of the 2020 and 2021 ERCs in detail and walk through practical and strategic considerations for various employer scenarios.
Daniel has more than 20 years of professional tax experience and experience in federal, international, and financial products taxation. He is a member of Withum’s National Tax Services Group and oversees the U.S. Federal income tax research, planning, and review functions. He is experienced in mergers and acquisitions, capital markets, and cross-border transactions.