As we previously blogged about, the IRS issued Notice 2021-49 on August 4, 2021, which included guidance on claiming the credit after July 1, 2021. The Notice contains a provision concerning related individuals, of which many companies may not be aware. Essentially, if any of the company employees are family members of the majority owner, their wages do not qualify for the ERC like the wages of other non-related company employees.
Life happens – and fast. For many of us, before we can even register that it happened, we’ve — Sold a home Received an inheritance Had a new grandchild Started a business Moved across the country Got a promotion — or had any number of exciting new experiences. It’s important to track these major life […]
By KLATZKIN TAX TEAM
On November 5, 2021, the House passed the Infrastructure Investment and Jobs Act (the Act), comprehensive legislation that calls for a $1.2T investment in the nation’s aging infrastructure. Initially, there will be $550B allocated over five years to upgrade bridges, roads, transit, rail, water systems, electrical grids, and broadband.
