The Consolidated Appropriations Act (CAA), passed on Dec. 27, 2020, included significant extensions and enhancements to the Employee Retention Credit (ERC). The Coronavirus Aid, Relief, and Economic Security (CARES) Act had previously disallowed recipients of the Paycheck Protection Program (PPP) loan to take advantage of this credit. With the passage of the CAA, businesses can now potentially benefit from both the ERC and PPP loan.
New and important guidance on the ERC continues to be released regularly. View this on-demand webinar with Baker Tilly tax professionals for an overview on changes to the ERC and what it could mean for you and your business.
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The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.