As a result of new legislation, the employee retention credit (ERC) was expanded and extended in 2021. There are two opportunities that employers need to consider: (i) retroactive relief for the 2020 ERC for all businesses that obtained a PPP loan and (ii) current ERCs for the first two quarters in 2021, i.e., eligible employers can claim a refundable tax credit equal to 70% of the qualified wages they pay to employees from January 1, 2021, through June 30, 2021. This session will explore both opportunities and explain the applicable rules and IRS guidance, including strategic guidance to maximize both PPP loan forgiveness and the ERC. Join us for this session in which Withum tax policy expert Dan Mayo will go over the provisions of the 2020 and 2021 ERCs in detail and walk through practical and strategic considerations for various employer scenarios.

Learning Objectives: 

• List all the requirements, limitations, and other nuts and bolts of the ERC for both 2020 and 2021


• Identify the changes in the law as it applied in 2020 and how it will apply for the first two calendar quarters of 2021


• Determine the retroactive provisions pertaining to employers who received PPP loans


• Recognize how to maximize the ERC in light of PPP loan forgiveness for PPP1 and PPP2


• Determine how to compile a client document request list to support the ERC eligibility determination/calculation