Signed into law on December 27th, the Consolidated Appropriations Act (the Act) extends and expands the Employee Retention Credit (ERC) that was enacted under the CARES Act to provide economic relief for businesses hit hard by the coronavirus pandemic
Below is a summary of a few of the favorable retroactive changes to 2020:
The expanded and enrichened ERC is going to prove an extremely valuable credit for many businesses, especially so in 2021—particularly businesses that received PPP loans will be surprised that not only can they now participate, but they can even do so retroactively for 2020.
Please note that this information is current as of the date of publication. We will continue to provide additional in-depth updates around this matter.
If you have questions about any of the changes discussed above or need assistance please contact a R+R tax advisor.
About Reynolds + Rowella
Reynolds + Rowella is a regional accounting and consulting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.
Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, please contact Elizabeth Bresnan at 203.438.0161 or email.