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IRS Once Again Addresses Employee Retention Credit in the Wake of COVID-19

BRYAN JOHNSON
MARCH 4, 2021


This week, the Internal Revenue Service issued Notice 2021-20, which offers guidance (in the form of Frequently Asked Questions) on the employee retention credit as provided under the CARES Act. Of note, the notice only addresses this tax credit as it applies to qualified wages paid after March 12, 2020, and before January 1, 2021.

By way of background, following the enactment of the CARES Act, the IRS posted FAQs designed to help taxpayers calculate and claim the employee retention credit. The notice just issued addresses certain related matters not originally covered by the IRS, including amendments to sections of the CARES Act having to do with the tax credit made by the subsequently passed Taxpayer Certainty and Disaster Tax Relief Act of 2020.

While the attorneys in Michelman & Robinson, LLP’s COVID-19 Practice Group are certainly available to discuss—and provide advice and counsel regarding—Notice 2021-20 (limited in scope as it may be), we expect the IRS to issue additional FAQs on the employee retention credit for calendar year 2021 in the near future. Given the substantial changes brought about by the Relief Act, we anticipate that upcoming FAQs on the 2021 tax credit will be significant.

Of course, we will continue to monitor IRS communications and will report back when additional guidance is, in fact, published.


We are working diligently to keep our clients up to date on coronavirus-related developments. Nevertheless, these developments are changing daily and, in some cases even hourly, so it is important that you make sure you are dealing with the most current information. That being said, this alert is not offered, and should not be relied on, as legal advice. You should consult an attorney for guidance and counsel regarding any specific concern or situation.