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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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Credit Where Credit Is Due: IRS Offers Long-Sought Guidance on Employer Retention Credit Program
As we previously reported, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) provided for an employee retention credit (“ERC”) designed to encourage employers to retain workers during the COVID-19 crisis. In general, the ERC permits eligible employers to claim a refundable tax credit of a portion of qualified wages paid to employees over a given period.
Initially, the IRS issued guidance on ERCs in the form of online Frequently Asked Questions (the “FAQs”). The FAQs were non-binding and subject to change. As of March 1, 2021, the IRS published formal rules with respect to ERCs in Notice 2021-20 (the “Notice”). Read More ›
Posted in Employee Benefits, Executive Compensation, Health & Welfare Plans, Health Care Reform, Qualified Retirement Plans
| Tagged CAA, CARES Act, eligible employer, employee retention credit, ERC, paycheck protection program, PPP, Qualified wages
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