IRS Offers Additional Guidance on ARPA Employee Retention Credit

The Internal Revenue Service (IRS) has released IRS Notice 2021-49, which amplifies prior guidance on the Employee Retention Credit made available through the American Rescue Plan Act (ARPA), which may be claimed against an eligible employer's share of Social Security tax. The credit is available to eligible employers that pay qualified wages after June 30, 2021, and before January 1, 2022; see also the IRS press release (8/4/21).