The U.S. IRS published new and updated Frequently asked questions about the Employee Retention Credit on 4 September 2024 in regard to qualified wages, which includes the following:
Q1. What is the definition of qualified wages for the ERC? (updated Sept. 4, 2024)
A1. Generally, qualified wages must be wages that are subject to Social Security and Medicare taxes reportable on a Form W-2 (and not amounts reported on another form, like the Form 1099-NEC). However, they may also include cert…