October 2023
Congress created the Employee Retention Credit (ERC) program near the beginning of the COVID-19 pandemic in an effort to prevent widespread loss of jobs. The program gives employers a credit against their payroll tax obligations if they keep employees on their payrolls during certain situations. It was only available during a specific period of time in 2020 and 2021. Nevertheless, qualifying employers that have yet to claim it have still been able to do so for the applicable time periods. The IRS recently announced, however, that it is temporarily suspending new ERC claims.
