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March 2, 2021

IRS issues guidance on CARES Act employee retention credit for applicable dates in 2020

The IRS has issued guidance (Notice 2021-20) on the employee retention credit, which was enacted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and amended by the Consolidated Appropriations Act, 2021. The guidance applies to qualified wages paid after March 12, 2020, through the end of calendar year 2020. Future guidance will address modifications applicable to quarters in 2021. A Tax Alert on the guidance is forthcoming.