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CUs Encouraged to Research Little-Known Tax Credit

The Employee Retention Tax Credit could apply to hundreds of credit unions.

Internal Revenue Service, Washington D.C. Internal Revenue Service, Washington D.C. (Source: Shutterstock)

Initially part of the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, enacted in March of last year, the Employee Retention Tax Credit (ERTC) was created to help small businesses stay afloat during the pandemic by allowing a business to take a fully-refundable tax credit against payroll taxes. This tax credit could apply to several hundred credit unions.

Under the Consolidated Appropriations Act (CAA) and the American Rescue Plan Act (ARPA), the ERTC was extended to cover all of 2021. Therefore, many credit unions could be entitled for the tax credit for any quarter this year.

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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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