How the Employee Retention Tax Credit Has Changed in Q4 and Ways to Prepare for 2022

In November, Congress approved a $1.2 trillion bipartisan infrastructure package with $555 billion in new spending. This new spending is partially funded by the early termination of the COVID-19 employee retention tax credit (ERTC). Restaurants and other eligible businesses will no longer be able to access ERTC for wages paid during the fourth quarter of 2021, October 1 – December 31.

How can restaurants ensure they successfully claim the previous three calendar quarters of ERTC? What tax compliance issues do restaurants need to be aware of for 2022 filing? In this webinar, we will discuss:

• The early termination of ERTC for the fourth quarter of 2021.
• Tips for applying for ERTC for eligible calendar quarters and 2020.
• Compliance issues for the year ahead.
• Income tax implications, as ERTC is taxable in the period in which the wages relate.
  • How the delay in the funding of these credits is resulting in tax dollars due on cash that may not be available

 

Speakers

Randy Crabtree
Co-Founder and Partner
Tri-Merit Specialty Tax Professionals


Aaron Frazier
Director of Healthcare and Tax Policy
National Restaurant Association