2022 Update on the Employee Retention Credit (ERC)
March 18, 2022
The employee retention credit (“ERC”) is an incentive for employers who faced declining revenues or experienced disruptions to their businesses due to government-imposed restrictions during 2020 and 2021. Businesses and certain not-for-profit organizations that continued to pay employees during these challenges of the COVID-19 pandemic can still qualify for the ERC, and many recipients are receiving cash refunds.
Martin Karamon, the leader of the Firm’s ERC team, provides insights into selecting an ERC service provider and explains how these services may vary between CPA firms and boutique agencies. Brooks and Sarah follow up with questions about eligibility for ERC in various industries, what has changed from claiming credits in 2020 vs. 2021, and the future for the ERC in 2022 and beyond.