The IRS issued Notice 2021-49 on August 4, which provides guidance on the ERC for the third and fourth quarters of 2021. This notice provides extensive changes and clarifications to the ERC program and planning opportunities for businesses that can qualify for this valuable credit. 

Alan Gassman and Brandon Ketron will discuss the fundamentals of the ERC program rules, how these are impacted by IRS Notice 2021-49, and rules that apply for shuttered venues and other specialized forms of CARES act borrowers. Alan and Brandon will also review important deadlines, checklists for compliance, and associated planning opportunities.



Learning Objectives:

• Identify whether wages paid to majority owners and their spouses are eligible for the ERC


• Define what a "Recovery Startup Business" and a "Severely Financially Distressed Employer" are and what special rules apply to these businesses


• Identify how tips are treated for purposes of the ERC


• Recall the timing of deduction disallowance for taxpayers claiming the ERC