based on wages for business owners to retain staff during the Covid-19 pandemic. It was set at 50% of up to $10,000 in qualifying wages per employee for the last three quarters of 2020. The American Rescue Plan Act extended and expanded the ERC to include up to 70% of $10,000 in qualifying wages per employee per quarter in 2021 for the first three quarters, making it much more lucrative to business owners.
While the IRS has not officially responded to the NAPEO’s letters regarding the ERC, Stohler said the organization has been told that PEOs are not being singled out. Stohler points to the internal processes at the IRS that are largely to blame, even as the IRS works on them. Stohler stressed the IRS’ reliance on paper filings, instead of electronic filings, slows the whole process down, especially for PEOs.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: DallasBizNews - 🏆 525. / 51 Read more »