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The Employee Retention Credit Guide eBook




The Employee Retention Credit Guide: Everything You Need to Know to Claim and Receive the Employee Retention Credit

The rules of the Employee Retention Credit are admittedly complicated, but they’re understandable with the step-by-step methodology and explanation found in this new book, the only one of its kind on the market today! It was written to explain the program in easy-to-understand terms, while delving into the more niche areas of the law, and discussing questions that remain unanswered. Best of all, the book includes IRS Forms, Instructions, and all Statutes, Regulations, and Pronouncements through January 25, 2021!

The Employee Retention Credit (“ERC”) was established under the March 27th, 2020 CARES Act as a dollar-for-dollar credit against employment taxes available to certain employers as reimbursement for “qualified wages” paid to employees during periods of economic hardship or when a business is closed in 2020, and now 2021. As with the Paycheck Protection Program (“PPP”), the intent behind the ERC is to incentivize employers to avoid laying employees off and to maintain their workforce at normal pre-pandemic levels.

The ERC was set to expire on January 1st, 2021, but it was given a second life following the passage of the Economic Aid Act on December 27th, 2020. Now that eligibility for the Credit has been expanded, not is the appropriate time to review the rules governing it.

The book begins by discussing the rules as they applied in 2020 and then transitions to considerations for 2021 following the enactment of the Economic Aid Act on December 27th, 2020. Here’s the table of contents:

PREFACE.................................................................................................................................................................... 1
INTRODUCTION........................................................................................................................................................ 2
WHAT BUSINESSES ARE ELIGIBLE TO RECEIVE THE ERC?........................................................................... 3
DID THE ELIGIBLE BUSINESS HAVE (1) A SUFFICIENT REDUCTION IN REVENUES OR (2)
FULL OR PARTIAL SUSPENSION OF THE BUSINESS TO QUALIFY FOR THE CREDIT?............................ 5
HOW TO DETERMINE WHAT PERIOD A BORROWER IS ELIGIBLE TO RECEIVE THE ERC FOR.......... ... 5
THE GROSS RECEIPTS REDUCTION TEST ...................................................................................................... 26
HOW TO CALCULATE THE ERC AMOUNTS YOU ARE ELIGIBLE TO RECEIVE ..........................................36
HOW TO CLAIM THE EMPLOYEE RETENTION CREDITS ..............................................................................37
WHAT’S NEW IN 2021? ........................................................................................................................................39
HOW TO RETROACTIVELY CLAIM THE ERC FOR 2020.................................................................................46


APPENDIX
IRS FORM 941-X .................................................................................................................................................. 48
IRS FORM 941-X INSTRUCTIONS ..................................................................................................................... 53
IRS FORM 7200..................................................................................................................................................... 76
IRS FORM 7200 INSTRUCTIONS ....................................................................................................................... 77
IRS FORM 940....................................................................................................................................................... 84
IRS FORM 940 INSTRUCTIONS ......................................................................................................................... 88
IRS FAQS: EMPLOYEE RETENTION CREDIT UNDER THE CARES ACT ......................................................104
CARES ACT SECTION 2301 ...............................................................................................................................174
REDLINE COMPARE OF STATUTE AFTER PASSAGE OF ECONOMIC AID ACT .......................................179
ECONOMIC AID ACT: EMPLOYEE RETENTION CREDIT SECTION 206 .....................................................187
ECONOMIC AID ACT: EMPLOYEE RETENTION CREDIT SECTION 207 .....................................................193



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