Employee Retention Credit Update
A number of existing and new firms have taken to the airwaves, screens, and newspapers; or have directly contacted taxpayers, with an offer to optimize the credit based on new interpretations of the credit’s rules, or in some cases, assertions that the rules articulated by Treasury are contrary to Congressional intent, and therefore calculations should be adjusted. For a percentage of the increased refund, these firms would be happy to prepare or amend the payroll returns that claim the credits.
There is nothing wrong with another fresh set of eyes on some calculations or a conclusion. However, there is nothing new on the ERC front – there is no new generation of the credit, and the last significant, authoritative guidance remains 1.5 years old.