Under the recently enacted American Rescue Plan Act and previously under the Consolidated Appropriations Act of 2021, the Employee Retention Tax Credit, a provision of the CARES Act, has been extended and expanded.
The credit can be claimed through Dec. 31, 2021, to eligible employers who retained employees during the COVID-19 pandemic. That’s an additional six months from the deadline established in December 2020.
Although further guidance is necessary from the IRS to assess upcoming changes to Form 941 necessary to claim the credit, a Paychex article highlights eligibility, qualified wages, how the credits work and more.
The full Paychex article can be found at www.paychex.com/worx.
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— Compiled by Business Editor Joe Crews