Partner Head of Tax Services, Brenden Healy, Sheds Light on the Extended Employee Retention Tax Credit in the Hartford Business Journal
Partner Head of Tax Services, Brenden Healy, recently wrote an informative article on the Employee Retention Tax Credit in the Hartford Business Journal. The article covers important details about the ERC program, which was established by the Coronavirus Aid, Relief and Economic Security (CARES) Act to encourage companies to retain their employees on payroll.
The ERC program allows eligible businesses to claim a tax credit for certain qualified wages paid to their employees. The credit was recently extended and amended by the Consolidated Appropriations Act, 2021 (CAA) and the American Rescue Plan Act (ARPA), allowing small employers that received a Paycheck Protection Program (PPP) loan to also claim the ERC.
In the article, Brenden Healy breaks down the basics of the ERC program, including eligibility requirements and how businesses can claim the credit. He also cautions employers to be wary of third-party providers that may be encouraging them to claim the ERC when they are not eligible, and to carefully consider any advertised schemes or direct solicitations that promise excessive tax savings.
To learn more about the Employee Retention Tax Credit, we invite you to read Brenden Healy's full article on the Hartford Business Journal website. Click here to access the article and gain valuable insights into this important program.
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