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IRS Notice: Employee Retention Credit

2021 – 04/05 The IRS has provided guidance to employers claiming the employee retention credit (ERC) for 2021. In Notice 2021-23, the IRS explains how employers can determine their eligibility for, and the amount of, the ERC they may claim for the first two quarters of 2021. During the first two quarters of 2021, the ERC equals 70% of qualified wages that an eligible employer pays in a calendar quarter. The maximum amount of qualified wages an employer may use to calculate the ERC is $10,000 per employee. Thus, the maximum ERC is $7,000 per employee. The guidance also details the expanded categories of employers that may now be eligible to claim the ERC. Read Notice 2021-23 here: http://bit.ly/3wsu3Vx

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