New Guidance: Employee Retention Credit.

• Position: TRS news

The Treasury Department and the IRS issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30 and before Jan. 1, 2022, and additional guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Notice 2021-49 amplifies prior guidance regarding the employee retention credit provided in Notice 2021-20 and Notice 2021-23.

Notice 2021-49 addresses changes made by the American Rescue Plan Act of 2021 to the employee retention credit that are applicable to the third and fourth quarters of 2021. Those changes include, among other things:

* Making the credit available to eligible employers...