Several issues involving the new employee retention credit are in need of clarity and guidance, the AICPA told Treasury and the IRS on Friday, April 22.
The employee retention credit, enacted in the coronavirus aid bill, is available for employers that close or suspend operations or have much-reduced gross receipts due to the coronavirus pandemic.
In a letter to Treasury and IRS leadership, the AICPA identified eight areas where taxpayers and practitioners need guidance and offered some recommendations. Find them here.