IRS T.D.: Recapture of Certain Excess Employment Tax Credits under Covid-19 Legislation (IRC §3111)

Final regulations under I.R.C. §3111, §3131, §3132, §3134, and §3221 issued under the authority granted by the Families First Coronavirus Response Act, the CARES Act, and the American Rescue Plan Act of 2021, the IRS released July 24. These final regulations remove the temporary regulations (TD 9904, 2020-34 I.R.B. 413 (Aug. 17, 2020)) and authorize the assessment of any erroneous refund of the tax credits paid under §7001 and §7003 of the Families First Coronavirus Response Act (including any increases in those credits under §7005 thereof), and §2301 of the CARES Act, as well as under I.R.C. §3131, §3132 (including ...