This week's tax highlights include additional ERC guidance and clarification, carried interests and gross receipts.
IRS Notice 2021-49: Additional ERC Guidance and Clarification
Earlier this year, the IRS issued two notices, 2021-20 and 2021-23, attempting to provide guidance on the Employee Retention Credit (“ERC”). The current notice clarifies some of the earlier issued guidance and attempts to answer questions not previously addressed.
Wyden Bill on Carried Interests: It’s Complicated, Really
The so-called carried interest “loophole” has been a target of many presidential candidates and legislators. President Biden campaigned on closing it as part of his plan to raise taxes on those making more than $400,000.
ERC Gross Receipts Safe Harbor
It should ordinarily be obvious that if something isn’t part of gross income is shouldn’t be considered part of gross receipts. When it comes to the Employee Retention Credit (“ERC”) however, nothing is obvious.