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Tax Pros Push Congress for Clarity on Retention Credit Sunset

Oct. 28, 2021, 4:49 PM

Businesses need reassurance that they won’t be penalized for claiming a Covid-19 relief credit for keeping employees on payroll while Congress’ plans to sunset the program early remain in flux, a major accounting group said.

The Senate-passed bipartisan infrastructure package (H.R. 3684) would terminate the employee retention credit as of Oct. 1, three months before its scheduled expiration. That early sunset date has passed and the legislation is still tied up in the House, creating confusion for taxpayers and their financial advisers, the American Institute of CPAs wrote in a letter to congressional tax-writing panels released ...