Strategizing Multinational Tax Risks

IRS has just published extensive Q and A guidance, including Form 7200 and instructions, with respect to the Employee Retention Tax Credit (ERTC).

The comprehensive guidance will be used as reference for claiming the credit, and attention to detail will be the key for documentation.  The interaction with deferral or employment taxes is included, as well as the definition of gross receipts for determining the quarterly reduction of gross receipts over the prior year corresponding quarter.

https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act