# erc tax credit

IRS halts Employee Retention Credit processing – What SMBs need to know » The IRS is taking aggressive action against erroneous Employee Retention Tax Credit applications, claiming it won't process any new claims. Asbn.com

Payroll Support Program Extension Payments » The Payroll Support Program extension (PSP2) under Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (PSP Extension Law) provides payroll support to passenger air carriers and certain contractors for the continuation of payment of employee wages, salaries, and benefits. A total of up to $15 billion is available for passenger air carriers and up to $1 billion is available for certain contractors. As specified in section 403 of the PSP Extension Law, the amount to be received by each passenger air carrier or contractor is based on its payroll. Funds received by these air carriers and contractors must exclusively be used for the continuation of payment of employee wages, salaries, and benefits.  Passenger air carriers receiving payroll support of more than $100 million and eligible contractors receiving more than $37.5 million are required to provide financial instruments as appropriate compensation to the U.S. Government for the provision of the financial assistance. The Treasur Home.treasury.gov

Coronavirus relief: What to know about employee retention tax credit » For some business owners, the tax credit could be a good alternative to the Paycheck Protection Program. Foxbusiness.com

New Jersey Provides Guidance on Employment Retention Credit | News | Levine Jacobs & Co. » The State of New Jersey has issued guidance recently on how to account for the new Federal Employment Retention Credit on New Jersey Tax Returns. The Employee… Ljcpa.com

Employee Retention Credit Changes - CFOShare » The latest stimulus legislation pending approval in the House includes changes that make the Employee Retention Credit broadly available to small businesses. Cfoshare.org