[vc_row bg_image=”15695″ top_padding=”300″ bottom_padding=”110″ bg_position=”center center”][vc_column width=”1/1″][minti_headline font=”font-special” size=”fontsize-xxxl” color=”#ffffff” weight=”fontweight-700″ lineheight=”lh-12″ class=”lowercase”]EXPANDED IN 2021: UNDERSTANDING THE EMPLOYEE RETENTION CREDIT AND THE PPP[/minti_headline][/vc_column][/vc_row][vc_row type=”full_width_section” bg_position=”left top”][vc_column width=”1/1″][minti_spacer][/vc_column][/vc_row][vc_row top_padding=”0″ bottom_padding=”50″][vc_column width=”1/1″][minti_headline size=”fontsize-xxxl”][/minti_headline][vc_column_text]

by Anthony Campolo, CPA, Partner, CohnReznick’s Construction Practice
 


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Anthony Campolo
CPA, Partner
CohnReznick’s Construction Practice[/vc_column_text][/vc_column][vc_column width=”3/4″][vc_column_text]Good news for contractors. As you may know, a new law permits PPP loan recipients to obtain Employee Retention Credits for 2021 as well as 2020. For contractors across the country, most experienced what New York City-based contractors experienced: partial suspension of operations due to governmental orders because of COVID-19. The related relief programs and tax credits like this one all have varying impacts relating to a contractor and taxes.

Under the Consolidated Appropriations Act of 2021, the ERC for 2020 was extended and expanded for the first two quarters of 2021. Consequently, a contractor that did not take an ERC for 2020 because it or its controlled member received a PPP loan may now be eligible for ERCs for 2020. In addition, the Act has significantly liberalized the ERC requirements for 2021.

The article and explanations cover:

Download the full explanation here including the “decision trees.”
https://www.cohnreznick.com/insights/contractors-and-the-employee-retention-credit[/vc_column_text][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row type=”full_width_section” bg_position=”left top”][vc_column width=”1/1″][minti_divider margin=”0″][/vc_column][/vc_row]

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