NFIB Weekly News

WASHINGTON, D.C. (Nov. 22, 2022) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released a new video featuring Jerry Akers, a small business owner in Iowa, explaining how his business planned its financial year around the Employee Retention Tax Credit and was negatively impacted by the unexpected cancellation of the credit during the fourth quarter of 2021.

The Employee Retention Tax Credit (ERTC) was created in 2020 to aid small businesses during the COVID-19 pandemic by offering small businesses a tax credit to offset the cost of payroll taxes on employees, thereby enabling small businesses throughout the country to keep their workers employed. Originally, the ERTC was set to expire on January 1, 2022, allowing employers to claim the tax credit for all four quarters of 2021. Unfortunately, on November 15, 2021, the Infrastructure Investment and Jobs Act retroactively moved the ERTC expiration date to October 1, 2021, terminating the fourth quarter tax credit that so many small businesses had been depending on. Read more...