IRS Issues Employee Retention Credit Guidance
The Internal Revenue Service has issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans. The IRS will issue separate guidance on applying the credit for 2021.
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** This information is provided for general educational purposes only. Before taking any action based on this information, we strongly encourage you to consult with a professional accounting advisor about your specific situation.