Employee Retention Credit Update

Posted by Elizabeth Walsh on Feb 18, 2022 11:22:56 AM

IRS Issues Additional Guidance on Employee Retention Credit_blog (1)

Folks in the Restaurant Industry will want to pay close attention to the IRS's latest update to the Employee Retention Credit. 

Now, according to Notice 2021-49 and Revenue Procedure 2021-33 cash tips received by employees from customers should be generally treated as qualified wages, meaning employers are now allowed to double-dip and use wages for this and the FICA Tip Credit.

For more details on this update and a host of other changes to the Employee Retention Credit download the notice.

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