The IRS has provided a safe harbor for employers claiming the Employee Retention Credit (ERC). The safe harbor allows employers to exclude certain amounts from their gross receipts when determining their eligibility for the ERC. Specifically, Rev. Proc. 2021-33 allows employers to exclude the following amounts from gross receipts: the amount of the forgiveness of a Paycheck Protection Program (PPP) loan, Shuttered Venue Operators Grants and Restaurant Revitalization Funds. The IRS said that, absent the safe harbor, these amounts would be included in gross revenue. Call or visit our website for more information! www.mjscpa.com/
