Last week, NSA sent a letter to bipartisan leadership of Congress's tax writing committees expressing its concerns with recent IRS guidance issued in Notice 2021-49 on the Employee Retention Credit (ERC) under section 3134 of the Internal Revenue Code, as added by section 9651 of the American Rescue Plan Act (ARPA), (P.L. 117-2).
"NSA urges Congress to act quickly to clarify and resolve the conflicting guidance issued and take the necessary actions needed for the IRS to apply the intent of the original legislation that does not exclude small family owned businesses from taking the credit. Time is of the essence to allow all stakeholders (taxpayers, practitioners, and IRS) to efficiently and accurately file and process ERC related returns. Delayed action will continue to place an enormous burden on small businesses and tax and accounting professionals as well as further congest an already overwhelmed IRS."
Read NSA's full letter here.