COVID-19 Tax Updates For Business

Employee Retention Credit

Established by the CARES Act the Employee Retention Credit (ERC) was intended to help employers that suffered financial losses continue keep employees on their payroll. As a credit against payroll taxes, it could be claimed on payroll tax filings from the period from March 12, 2020 through October 1, 2021.

Employers who paid qualifying wages may still claim the ERC by amending previously filed quarterly federal employment tax returns (Form 941) no later than three years from the date the original return was filed. The credit also includes a portion of costs for health insurance as well as wages covered.

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