Business owners are facing operational and financial challenges, including those related to recruiting and employee retention. As of March 2022, the Employment Cost Index for total compensation in the Midwest rose by 5.1% compared to March 2021.
The Employee Retention Tax Credit (ERTC) helped employers bolster cash flow and avoided layoffs during the most uncertain periods of COVID. The confluence of state issued forced business closures and stay at home orders created adverse conditions for many Minnesota companies. The program provided a desperately needed capital infusion to struggling businesses.
he Minnesota Department of Labor and Industry is currently developing an online application system for eligible workers to apply for a bonus payment. There will be a 45-day application period and a 15-day appeal period for denied applications.
In November, the passage of the Infrastructure Investment and Jobs Act retroactively eliminated the Employee Retention Credit (ERC) for wages paid after October 1, 2021, for most employers.
The Employee Retention Tax Credit (ERC) is one of the best opportunities for construction industry companies impacted by the COVID-19 pandemic to recoup wages paid to employees.
In their special session ending on June 30, 2021, the Minnesota legislature passed a federal tax conformity bill. Highlights of the bill are summarized here.
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