The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Additionally, the IRS issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the employee retention credit.
Notice 2021-49 addresses changes made by the American Rescue Plan Act of 2021 to the employee retention credit that apply to the third and fourth quarters of 2021.
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Topics:
ohio,
workplace productivity,
Management,
Tax Credit,
Workplace Culture,
Coronavirus,
SBA Disaster,
COVID-19,
Loan,
Employee Retention,
ERC
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a business relief provision known as the Employee Retention Credit (ERC), a refundable payroll tax credit for “qualified wages” paid to retained full-time employees from March 13, 2020, to Dec. 31, 2020. The purpose of the ERC was to encourage employers to keep employees on the payroll, even if they were not working during the covered, COVID-19, period.
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Topics:
ohio,
workplace productivity,
Management,
Tax Credit,
Workplace Culture,
Coronavirus,
SBA Disaster,
COVID-19,
Loan,
Employee Retention
The Ohio Senate unanimously passed Senate Bill 8 on April 3, 2019. If enacted, the bill will create a 10% tax credit against the Ohio income tax for Opportunity Fund investments. The maximum amount of credits allowed by Ohio for a two-year period is $50 Million, with a per applicant cap of $1 million. This credit should also available to investors that do not have capital gains to invest. Investors would apply for credits between January 1 and February 1 each year, and the credits are non-refundable but can be carried forward for five years.
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Topics:
brixey and meyer,
ohio,
Tax,
Tax Team,
Kari Brooke,
Tax Credit,
Opportunity Zone
