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Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021

Guidance for Claiming Employee Retention Credit in Third and Fourth Quarters of 2021 The IRS has issued guidance for employers claiming the employee retention credit under Code Sec. 3134, enacted by section 9651 of the American Rescue Plan Act of 2021 (ARP), P.L. 117-2, which provides a credit for wages paid after June 30, 2021, and before […]

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Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit

Gross Receipts Safe Harbor for Employers Claiming Employee Retention Credit The Treasury and IRS have provided an optional safe harbor allowing employers to exclude the following amounts from their gross receipts solely for determining eligibility for the employee retention credit: the amount of the forgiveness of a Paycheck Protection Program (PPP) Loan; the amount of […]

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Transition Relief Guidance for Employers Claiming the WOTC

Transition Relief Guidance for Employers Claiming the WOTC The IRS issued transition relief for certain employers claiming the Work Opportunity Tax Credit (WOTC) under Code Sec. 51. This would apply for certain employees beginning work after December 31, 2020, in response to legislation permitting the designation of an Empowerment Zone under Code Sec. 1393(b) to be extended from […]

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PPP Direct Forgiveness Portal Created, Loan Questionnaire Discontinuance Explained

PPP Direct Forgiveness Portal Created, Loan Questionnaire Discontinuance Explained The U.S. Small Business Administration ( SBA) is launching a streamlined application portal to allow certain borrowers to apply for Paycheck Protection Program (PPP) Loan forgiveness directly through the SBA. The SBA also is explaining why it discontinued use of Loan Necessity Questionnaires for PPP borrowers. PPP Direct Forgiveness […]

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IRS Releases Information on CTC; Update Portal for Payments

IRS Releases Information on CTC; Update Portal for Payments The IRS stated that families should use the Child Tax Credit (CTC) Update Portal to confirm their eligibility for the payments. If eligible, the tool also indicates whether taxpayers are enrolled to receive their payments by direct deposit. More information can be found at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021. Direct DepositFor taxpayers currently […]

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