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News & Alerts

ERTC Tax Advisory

1/5/2022

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Tax
For businesses who applied for COVID-related employee retention tax credits (ERTC) in 2021, there may be a severe cash flow challenge occurring for those waiting an average 6 to 10 months to receive the ERTC payment.

Under ERTC rules, an eligible restaurant cannot take normal federal tax deductions for 1) payroll expenses and 2) healthcare group benefit expenses during the applicable calendar quarter if those payments were considered eligible wages for ERTC. While this increases the restaurant’s tax liability, the restaurant would have those costs more than offset by an ERTC payment.
However, the restaurant may face a liquidity crisis if the federal tax bill is due before receiving an ERTC payment. Members are advised to plan for this scenario if they fall into this criteria.

On Nov. 15, 2021, the National Restaurant Association urged the IRS and Department of Treasury to speed ERTC payments and delay related taxes. A national grassroots petition on these ERTC recommendations has over 5,300 signatories, and we encourage members to add their name.

The Association also strongly supports the bipartisan “Employee Retention Tax Credit Reinstatement Act” (H.R. 6161). The bill, introduced by Reps. Carol Miller (R-WV) and Stephanie Murphy (D-FL), would restore the fourth quarter of ERTC.
​

Questions? Email or call the AskWRA Team at 608-270-9950.

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2801 Fish Hatchery Rd  |  Madison, WI 53713
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  • Membership
    • Member Login
    • Membership Savings >
      • Employee Retention Credit
      • Manufacturer Rebate Program
      • Marketing Tools
      • Property & Casualty
      • Workers Compensation
      • Credit Card & Payroll Processing
      • Health Solutions
      • Music Licensing
      • Office Supplies
      • Email Marketing
      • Shipping
      • Technology
      • Other Products & Services
    • Restaurants
    • Suppliers >
      • Members Only Login
      • Supplier Member Benefits
      • Interested in Joining
      • Live Events
      • Sponsorships
      • Advertise
      • Donate
      • Get Involved
    • Students
    • Join
  • Resources
    • Members Only
    • Humans Of Hospitality >
      • Humans of Hospitality - Share Your Story
    • Solutions on Staffing
    • Tax Credits
    • COVID-19 >
      • Coronavirus: Resources for Restaurants
      • Exposed Employees Guidance
      • Restaurant Revitalization Fund
    • News & Alerts
    • Business Support >
      • Ask WRA
      • Supplier's Directory
      • National Restaurant Association
      • Industry Insights
      • Laws & Regulations
      • Publications
      • Materials to Purchase
      • Popular Topics
    • For Diners >
      • Dining Guide
      • Gift Certificates
  • Advocacy
    • MKE Kitchen Cabinet
    • Donate
  • Events & Training
    • Calendar
    • Upcoming Events >
      • Fresh EX
      • Restaurant Advocacy Day
      • Friends of James Beard Chef Invitational Raffle
      • ProStart Golf Classic
      • Sand Valley Golf Raffle
    • Webinars
    • Food Protection Manager Certification
    • High School Culinary
  • ServSafe
    • ServSuccess
  • Foundation
    • ProStart
    • Scholarships
    • Get Involved >
      • Volunteer
    • Endowment Fund
    • Board of Directors
    • Donate
  • About
    • Our Team >
      • Staff
      • Board of Directors >
        • Proxy
        • Proxy Form
      • Careers
      • Job Board
    • Our Mission
    • Contact Us & Hours
    • Chapters
    • Awards >
      • Award Winners
    • Press Releases