The extended and expanded employee retention credit (ERC) from the Consolidated Appropriations Act (CAA) could have significant benefits for you and your business. However, the regulations surrounding the ERC tend to be fact specific and tedious. Baker Tilly has a put together set of comprehensive resources available to assist businesses that are considering taking advantage of the ERC.
New guidance is being released regularly. Contact our ERC specialists to learn if you qualify for the ERC.
The CAA made several significant employer-friendly changes to the ERC and have effectively created two separate versions of the credit, one for 2020 and another for 2021. We have developed a flowchart that outlines the differences between the two and guidance on how to determine eligibility.
Each business must determine which relief programs will have the most positive impact on their business. Baker Tilly’s coronavirus benefit coordination matrix not only explains who can use each benefit, but how each benefit coordinates with others.
A preview of the matrix is shown below, highlighting the 2021 employee retention credit.
On Dec. 27, 2020, the Consolidated Appropriations Act (CAA) was signed into law. The CAA contains several bills that provide continued economic relief from the COVID-19 pandemic, including an expanded employee retention credit (ERC).