Over the past week the IRS has issued Notice 2021-49 and Rev Proc 2021-33. These pronouncements both reiterate previous guidance and also answer some remaining questions concerning the computation and application of the ERC to various taxpayers. In addition, the “Infrastructure Act” recently passed by the US Senate would remove the credit for the fourth quarter of 2021. It remains to be seen whether this Act, or the ERC provision contained within it, will be passed in its current form by the US House of Representatives and signed by President Biden.
Our tax professionals are monitoring these developments on a daily basis, please contact us if you would like to discuss any of these issues further.