The employee retention credit, originally enacted in the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") and later updated by the American Rescue Plan Act of 2021, has been terminated retroactively to the beginning of the 4th quarter of 2021.
The Infrastructure Bill known as the Infrastructure Investment and Jobs Act, signed into law earlier this week, holds that wages paid after September 30, 2021 are ineligible for the credit, with exceptions for certain eligible recovery startup businesses only.
As always, we at First Advantage will continue to monitor all future legislative action, including the upcoming reconciliation bill, for any and all tax credit and incentive implications. Please ensure you aresubscribed to our Tax Alertsto stay informed! If you have any questions, please contact your First Advantage Tax Consultant or your legal counsel.
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First Advantage Corporation published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 14:13:09 UTC.
First Advantage Corporation is a background check company. The Company is a provider of employment background screening and verification solutions. Its product suite enables its customers across all industry sectors to perform pre-onboarding screening and post-onboarding monitoring of employees, contractors, contingent workers, drivers, tenants, and volunteers. Its pre-onboarding products include criminal background checks, drug/health screening, extended workforce screening, FBI channeling, identity checks and biometric fraud mitigation tools, education/work history verification, driver records and compliance, healthcare credentials, executive screening and others. The Companyâs post-onboarding solutions include criminal records monitoring, healthcare sanctions, motor vehicle records, social media and global sanctions and licenses. The Company also offers fleet compliance, hiring tax credits and incentives, tenant screening and investigative research.