Tax Update on PPP, Unemployment Benefits and Employee Retention Credits

Chris Wittich

Here in Minnesota it was just announced that the legislature has come to an agreement on conformity for two big ticket items, the PPP loans and $10,200 of unemployment benefits.  Both are expected to be tax free when a final bill is signed, matching the federal treatment of these items.  There are still many details to be worked out and many other smaller items of nonconformity which need to be worked out and put together in a bill.  It will probably be a month or more before the final bill is signed, but good news for those in Minnesota that we have good signs that conformity is coming.

Employee Retention Credits are a huge opportunity to create cash flow for a business that struggled, had operations restricted during the pandemic, or was completely shut down.  There are a number of ways to qualify and we can help you determine if your business qualifies.  We are starting to work on the studies in earnest now that tax season and individual tax extensions are done.  This summer would be a great time to have us look into the ERC for your business for both 2020 and potentially 2021.

For more information on Employee Retention Credits check out this video and fill out our intake form in the post to be sure to guarantee that you are in the queue for ERC work. (/coronavirus-updates/employee-retention-credit-and-how-we-can-help/)


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