(from PKF O’Connor Davies and NBOA) Earlier this month, the IRS issued guidance on the Employee Retention Credit (ERC). Here are the highlights of this guidance for independent schools:
In addition to guidance from the IRS, the AICPA non-profit members have expressed that accounting for the ERC should be treated as grant revenue and not a reduction in wages.
For more information on the ERC update, see this summary from PKF O’Connor Davies and information from the IRS: IRS Notice 2021-49 and IRS Revenue Procedure 2021-33#RegulatoryUpdates
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