Nov 09 INFRASTRUCTURE ACT HALTS Q4 2021 EMPLOYEE RETENTION CREDIT FOR MANY EMPLOYERS
Pending the signature of President Biden, the Infrastructure Investment and Jobs Act (Infrastructure Act) ends the Employee Retention Credit (ERC) for wages paid after September 30, 2021 for many employers. Recovery startup businesses, however, may continue to claim the ERC on wages paid through December 31, 2021. Prior to the passage of the Act, the ERC was scheduled to terminate for all eligible employers at the end of 2021. Employers who received advance payments on the Q4 2021 ERC should contact their payroll providers to determine the required course of action.
Sax will continue to update you as further details are made available. Reach out to your Sax advisor or email [email protected] with questions. For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.