Burr & Forman

03.15.2021   |   Blog Articles, CARES Act/PPP, COVID-19, Federal Tax, Tax Law Insights

American Rescue Plan Extends Employee Retention Credit

Prior to the passage of The American Rescue Plan Act of 2021 on March 11, 2021 (the “Rescue Act”) the employee retention credit, as amended by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Relief Act”), was set to expire for wages paid after June 30, 2021.  The Rescue Act extends the employee retention credit to qualifying wages paid through December 31, 2021.  Consequently, qualifying employers may be eligible to claim an additional $14,000 of credits per employee in 2021.

A summary of the employee retention credit as amended by the Relief Act is available here.

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