Business of Construction – March 2021
The December Consolidated Appropriations Act of 2021 provided for both retroactive applicability of the Employee Retention Credit (ERC) for 2020 and extending and expanding the ERC for the first two quarters of 2021, and liberalized the ERC requirements for 2021. Significantly, it made it so that an employer that did not take an ERC for 2020 because it or its controlled member received a Paycheck Protection Program (PPP) loan may now be eligible for ERCs for 2020.
Now, as of the March 11 passage of the American Rescue Plan Act, the ERC is available for all four quarters of 2021.
Learn more about the following, and download our “decision trees”:
- Eligibility requirements
- Amount of ERCs a contractor can receive
- What counts as “qualified wages”
- How the ERC and PPP interact
- Helpful “decision trees” that guide you through 2020 and 2021 ERCs
CohnReznick and Unanet invite you to take part in our fifth annual benchmarking survey for government contractors and other organizations that do business with the federal government. Your responses will be compiled to create the 2021 GAUGE Report, which will focus on financial and government contract data in five major categories: Government Contract Compliance, Accounting, Utilization, Growth, and Efficiencies. Join and receive:
- Preliminary survey results, so you can benchmark your organization against other similar businesses soonest, and
- A comprehensive final report later this year, which will include specific suggestions for how companies in your industry can improve performance
The survey should take approximately 20 minutes to complete, and your responses are strictly confidential.Note that your responses are strictly confidential.
- Opportunity Zones
- Tax Credits
- Real Estate
- Paycheck Protection Program (PPP) Loan Forgiveness Assistance
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
Insight2021: What to be thinking about as a contractorJack CallahanJack Callahan, CohnReznick's national construction practice leader, gives his perspectives on where contractors are coming out of 2020, what is impacting them now and what they should be thinking about.
InsightEmployee Retention Credit (ERC) now available for all of 2021, and PPP loan recipients can claim ERCsDana FriedRead how ERC requirements have changed for 2021, including what counts as qualified wages, who is an eligible employer, the maximum credit amount, and more.
InsightContribute to the 2021 GAUGE surveyCohnReznick and Unanet invite you to take part in our fifth annual benchmarking survey for government contractors and other organizations that do business with the federal government.
InsightBusiness of Construction – February 2021CohnReznick will be featuring several topics important to the construction industry in a series of listen-in-style conversations, webinars, best-practice insights, and other helpful tools.