This post is part of a series of articles released by partner and accounting firm LB Carlson. For those looking for guidance navigating PPP loans, taxes, succession planning or profitability maximization, consider reaching out directly to LB Carlson for print industry specific guidance.
The IRS has released additional guidance for Employee Retention Tax Credit (ERC) which clarifies on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance on claiming the credit in combination with forgiveness of their loan. The provisions outlined in the article apply to retroactive claims for 2020 as well as providing a plan for those yet to seek forgiveness.
