ERC Update for for-profit camps
This isn’t my area of expertise (or concern), as I’m from the non-profit world, but I came across a discussion about the Employer Retention Credit and the ability of an owner and any of their relatives to claim the credit.
There is a lot of discussion (and confusion) right now, but it appears the emerging consensus is that owners who own more than 50% of a business and their relatives cannot claim the credit for any wages paid to an owner or someone related to an owner. This twitter thread dives into it for those who want to explore more.
This issue has not been settled by the IRS and, though this may be the correct interpretation by the literal wording of the legislation, the IRS could still interpret it less stringently. I’ll try to monitor for any more info on this if I see it, but I would make sure to be in touch with your accountant about it when it comes time to file your quarterly return.