Tax Savings Tips: March 2022
Tax-Saving Tips March 2022 New Hope for Restoring and Fixing the Employee Retention Credit As you may remember, two bad things happened to the Employee Retention Credit (ERC): 1. On November 15, 2021, Congress retroactively repealed the ERC for the fourth quarter of 2021 (except for start-up businesses). 2. On August 4, 2021, the IRS issued the clearly irrational Notice 2021-49, stating that a corporate owner with certain living relatives does not qualify for the ERC. Hope in the House On December 7, 2021, Rep. Carol D. Miller (R-WV-3) and three co-sponsors offered H.R. 6161, the Employee Retention Tax Credit Reinstatement Act, which would reinstate the ERC for the fourth quarter. On the day it was presented, the House referred the bill to its Committee on Ways and Means—a good thing. Today, there are 54 bipartisan co-sponsors. The bill has some legs. Hope in the Senate On February 10, 2022, Sen. Margaret Wood Hassan (D-NH