RP-2021-33: Safe harbor permitting employers to exclude certain amounts from gross receipts solely for determining eligibility for the ERC
Internal Revenue Service (IRS) sent this bulletin at 08/10/2021 01:32 PM EDT
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Issue Number: RP-2021-33Inside This IssueRevenue Procedure 2021-33 provides a safe harbor that permits a taxpayer to exclude certain items from “gross receipts” under §§ 448(c) and 6033 of the Internal Revenue Code (Code), as applicable, solely for purposes of determining eligibility to claim the employee retention credit under section 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by sections 206 and 207 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted as Division EE of the Consolidated Appropriations Act, 2021 (CAA), and under section 3134 of the Code as enacted by section 9651 of the American Rescue Plan Act of 2021 (the ARP). The items covered by the safe harbor are: (1) the amount of the forgiveness of a Paycheck Protection Program loan under section 7(a)(37) or 7A of the Small Business Act, (2) a grant under section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, enacted as Title III of Division N of the CAA, and (3) a restaurant revitalization grant under section 5003 of the ARP. Revenue Procedure 2021-33 will appear in IRB 2021-34, dated Aug. 23, 2021. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |
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