On March 1, 2021, the Internal Revenue Service released guidance for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.
The guidance in Notice 2021-20 echoes the information the IRS has already provided in its employee retention credit FAQs, but includes some clarifications and discusses the retroactive changes to the CARES Act under the COVID-19 relief package that Congress passed in December that are applicable to 2020, mainly relating to expanded eligibility for the employee retention credit.
As we have been doing with all coronavirus legislation and IRS and SBA guidance during these past several months, we will be sure to update you with any additional insight as soon as possible. Continue to check back here for the most up to date tax information and changes in response to coronavirus. Click here for all of your coronavirus resources. If you have questions about this or related topics contact an MCB Advisor at 703-218-3600 or click here.
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