Employee retention credit: exploring the benefit for banks

Our financial institution industry and Washington national tax professionals hosted a webinar to discuss the Employee Retention Credit (ERC) and how banks can access the benefits. Listen to the webinar recording to learn what is important for depository and lending operations to take advantage of the tax credit. We covered:

• How the ERC can be coordinated with other benefits, like the payroll tax deferral and FMLA
• How your bank can claim the ERC on Form 941
• Situations where banks may be eligible for the ERC

We also hosted a live Q&A with our attendees at the end of the webinar. The Q&A is available in the recording.

During the webinar, our Washington National Tax presenter referenced a helpful FAQ document that the IRS put together to help companies understand the ERC.

If you believe that your bank may be eligible for the ERC, contact us and we’ll talk through your current situation.

The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.