Tax Notes | IRS Considerations for Claiming the Employee Retention Credit

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Tax Notes

IRS Considerations for Claiming the Employee Retention Credit

By Christopher Migliaccio, JD, Principal and Elisha M. Brestovansky, CPA, MBA, Senior Manager

The Employee Retention Credit (ERC) is still a hot topic among businesses and accountants. The ERC has been around for over two years now and is still a potentially huge benefit for businesses that struggled through the pandemic and for those businesses that are currently experiencing challenges because of rising rates of inflation.

But, with the incentive high to claim the ERC, confusion around IRS guidance about qualification for the credit and very little documentation needed to claim a refund, the IRS has begun taking action. Recently, the IRS has implemented a few safeguards and procedures as a result of the American Institute of Certified Public Accountants (AICPA) advocacy to ensure that only eligible businesses may claim the ERC. Read on for the details.

Contact Us

PKF O’Connor Davies has helped hundreds of companies across a number of industries determine their ERC qualification, calculate their credit and help them file amended payroll tax returns.

If you have questions about the employee retention credit, contact your client service partner or:

Christopher Migliaccio
Principal
ERC Services Leader
[email protected]

Elisha M Brestovansky, CPA, MBA
Senior Tax Manager
[email protected]

Our Firm provides the information in this e-newsletter for general guidance only, and it does not constitute the provision of legal advice, tax advice, accounting services, or professional consulting of any kind.

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