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Numerous businesses in today’s landscape continue to benefit from the credits offered by the Employee Retention Credit program. This program has provided a valuable refund mechanism, assisting companies in mitigating the financial losses they encountered during the challenging period of 2020 and 2021. Even in the current year, businesses can still apply for the Employee […]
Recent changes in the tax legislation have brought significant modifications to Section 3134 of the Internal Revenue Code. The passage of the Infrastructure Investment & Jobs Act (IIJA) in 2021 has resulted in a revision that impacts Employee Retention Credit, specifically pertaining to wages received prior to October 1, 2021. This adjustment aims to support […]
Of all the businesses in the US economy, the manufacturing sector felt the effects of the COVID-19 pandemic more than most. The reaction by all levels of government created ever more challenging restrictions on businesses by forcing downtime and social distancing mandates. Those mandates affected the supply chain of more than 90% of Fortune 1000 […]
The Employee Retention Credit is also known as the ERC. It resulted from the Coronavirus Aid, Relief, and Economic Security ACT, or CARES Act. The purpose was to help companies maintain their staffing levels during the 2020 pandemic season. The tax credit was initially worth 50% of the salaries and wages of qualified employees. However, […]