{"id":22504,"date":"2021-03-09T08:00:00","date_gmt":"2021-03-09T14:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=22504"},"modified":"2021-04-06T08:59:13","modified_gmt":"2021-04-06T13:59:13","slug":"irs-provides-guidance-for-employers-claiming-the-employee-retention-credit-for-2020","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/irs-provides-guidance-for-employers-claiming-the-employee-retention-credit-for-2020\/","title":{"rendered":"IRS provides guidance for employers claiming the Employee Retention Credit for 2020"},"content":{"rendered":"<p>The IRS recently issued guidance for employers claiming the <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/employee-retention-credit-key-benefit-for-small-business-owners-under-the-cares-act\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">employee retention credit<\/a> under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/new-covid-19-relief-package-passed\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">Taxpayer Certainty and Disaster Tax Relief Act of 2020<\/a> (Relief Act), for calendar quarters in 2020. The guidance in\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-21-20.pdf\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">Notice 2021-20<\/a>\u00a0is similar to the information in the\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/faqs-employee-retention-credit-under-the-cares-act\"title=\"\"  target=\"_blank\" rel=\"false noopener\" target=\"_blank\">employee retention credit FAQs<\/a>, but also includes clarifications and describes retroactive changes under the new law applicable to 2020, primarily relating to expanded eligibility for the credit.<\/p>\n<p>For 2020, the employee retention credit can be claimed by employers who paid qualified wages after March 12, 2020, and before Jan. 1, 2021, and who experienced a full or partial suspension of their operations or a significant decline in gross receipts. The credit is equal to 50 percent of qualified wages paid, including qualified health plan expenses, for up to $10,000 per employee in 2020. The maximum credit available for each employee is $5,000 in 2020.<\/p>\n<p>A significant change for 2020 made by the Relief Act permits eligible employers that received a Paycheck Protection Program (PPP) loan to claim the employee retention credit, although the same wages cannot be counted both for seeking <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/client-relationships\/how-to-help-your-clients-apply-for-ppp-loan-forgiveness\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">forgiveness<\/a> of the PPP loan and calculating the employee retention credit. Notice 2021-20 explains when and how employers that received a PPP loan can claim the employee retention credit for 2020.<\/p>\n<p>Notice 2021-20\u00a0also provides answers to questions such as the following:<\/p>\n<ul>\n<li>Who are eligible employers?<\/li>\n<li>What constitutes full or partial suspension of trade or business operations?<\/li>\n<li>What is a significant decline in gross receipts?<\/li>\n<li>How much is the maximum amount of an eligible employer\u2019s employee retention credit?<\/li>\n<li>What are qualified wages?<\/li>\n<li>How does an eligible employer claim the employee retention credit?<\/li>\n<li>How does an eligible employer substantiate the claim for the credit?<\/li>\n<\/ul>\n<p>While the Relief Act also extended and modified the employee retention credit for the first two calendar quarters in 2021,\u00a0Notice 2021-20\u00a0addresses only the rules applicable to 2020. The IRS plans to release additional guidance soon addressing the changes for 2021.<\/p>\n<p>Be sure to visit the Intuit\u00ae Tax Pro Center for the latest <a href=\"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/\"title=\"\"  target=\"_blank\" rel=\"false noopener\">tax law and news<\/a> updates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Help your clients get clarity on claiming the employee retention credit under the CARES Act.<\/p>\n","protected":false},"author":104275893,"featured_media":7537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[509474089],"tags":[646041759,646041810,7649],"intuit_collection":[],"intuit_series":[],"coauthors":[509474241],"class_list":["post-22504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news","tag-cares-act","tag-covid-19","tag-irs"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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