On the recordDecember 21, 2020
Yes. That is why we are allowing these businesses, both those with forgiven loans and those without, to claim credits for wages paid in previous quarters that this bill makes eligible for the credit on their fourth quarter 2020 payroll tax filings. This will prevent small businesses from having to amend their previously filed payroll tax returns, easing the paperwork burden for both taxpayers and the Internal Revenue Service. I know Ranking Member Wyden will join me in urging the IRS to do all they can to simplify and expedite the process for eligible businesses retroactively claiming the retention credit. The last thing these businesses need right now is additional, complex payroll tax filings. I thank the ranking member for engaging in this colloquy to discuss this important issue and the clarification included in the pending appropriations bill.
