The Employee Retention Credit (ERC) can yield a ton of money. The new law opens ERC up to PPP borrowers retroactively and expands it prospectively. The IRS just now dropped all-new, badly needed guidance (IRS Notice 2021-20) showing us how ERC works.

Here's the payoff to create a hunger for it: a company with ten employees (making $40,000 each) can stuff a cool $190,000 back in its pocket after properly maneuvering through ERC.

How do you claim ERC? How does it interact with the income tax return? What must every unsuspecting income tax preparer know? How does ERC interact with PPP forgiveness apps, both filed and unfiled?

Complexity abounds with the revamped ERC (the new retroactive keys to the kingdom). Thread the needle with us to put the most in your pocket.  

Learning Objectives:

• Identify how IRS Notice 2021-20 exposes how much is left for ERC after PPP


• Define how to approach Forms 941 and 941-X (mechanics, wrenches, and tools)


• Determine exactly which health insurance expenses count for ERC


• Recognize the effect of teleworking on eligibility for ERC


• Recall exactly how to allocate wages between ERC and PPP or other credits


• Define why you shouldn't file that PPP forgiveness app yet, and what to do if you already have


• Recognize timing, timing, timing, and other “don’t-drop-the-ball” games