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The 70% employee retention credit for wages paid that Congress first enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act will come to a premature end. Under the infrastructure bill Congress recently passed, the credit expires three months earlier than scheduled. The early repeal of this credit is retroactive to Oct. 1, 2021, and does not provide for any penalty relief for companies that have been monetizing the credit as wages are paid, as IRS guidance allowed.

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