Employee Retention Credit Agreement Template for United States

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Key Requirements PROMPT example:

Employee Retention Credit Agreement

"Need an Employee Retention Credit Agreement for my manufacturing company with 200 employees, including specific provisions for multiple manufacturing locations across three states and an emphasis on audit support services."

Document background

The Employee Retention Credit Agreement became essential following the introduction of the Employee Retention Credit program under the CARES Act in 2020. This document is used when businesses seek professional assistance in calculating and claiming ERCs, which can provide significant tax benefits for eligible employers affected by COVID-19. The agreement specifies the roles, responsibilities, and compensation structure for services related to ERC claims, while ensuring compliance with U.S. federal tax regulations and IRS guidelines. It's particularly important given the complexity of ERC calculations and the need for accurate documentation to support claims.

Suggested Sections

1. Parties: Identification of the employer and service provider entering into the ERC agreement

2. Background: Context of the ERC program, its legislative basis, and purpose of the agreement

3. Definitions: Key terms used throughout the agreement including relevant CARES Act and IRS definitions

4. Scope of Services: Detailed description of ERC calculation and filing services to be provided

5. Fees and Payment Terms: Compensation structure and payment schedule for ERC services

6. Representations and Warranties: Statements of fact and assurances by both parties regarding ERC eligibility and compliance

7. Term and Termination: Duration of agreement and conditions for termination

8. Confidentiality: Protection of sensitive business and tax information

9. Compliance with Laws: Commitment to comply with relevant tax laws, IRS regulations, and other applicable legislation

Optional Sections

1. Audit Support: Terms for assistance during IRS audits and documentation reviews

2. Insurance Requirements: Professional liability insurance provisions for high-value claims

3. Multiple Entity Provisions: Terms for handling multiple related businesses under the same agreement

4. Dispute Resolution: Procedures for resolving disagreements related to ERC calculations or services

Suggested Schedules

1. Schedule A - Fee Schedule: Detailed breakdown of fees and payment structure for ERC services

2. Schedule B - Required Documentation: Comprehensive list of documents needed for ERC calculations and filings

3. Appendix 1 - Calculation Methodology: Detailed explanation of ERC calculation approach and qualifying criteria

4. Appendix 2 - Service Level Agreement: Specific timelines and service standards for ERC processing

5. Appendix 3 - Regulatory References: Key legislative and regulatory provisions affecting the ERC program

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Small Business
Hospitality
Manufacturing
Healthcare
Retail

Relevant Teams

Finance
Human Resources
Legal
Payroll
Tax

Relevant Roles

Chief Financial Officer
Tax Director
Controller
HR Director
Payroll Manager

Industries

CARES Act: Coronavirus Aid, Relief, and Economic Security Act of 2020 - Primary legislation that established the Employee Retention Credit program

Consolidated Appropriations Act 2021: Legislation that significantly expanded and modified the ERC program, including changes to eligibility requirements and credit calculations

American Rescue Plan Act: 2021 legislation that further extended the ERC program and made additional modifications to its implementation

Infrastructure Investment and Jobs Act: Legislation that terminated the ERC program earlier than originally planned, except for recovery startup businesses

IRC Section 3134: Internal Revenue Code section specifically dealing with the Employee Retention Credit provisions and requirements

IRS Notice 2021-20: IRS guidance providing detailed explanation of ERC requirements, calculations, and interaction with other relief programs

IRS Notice 2021-23: Additional IRS guidance extending and modifying ERC provisions for the first two quarters of 2021

IRS Notice 2021-49: Further IRS guidance addressing ERC implementation for the third and fourth quarters of 2021

IRS Revenue Procedure 2021-33: Safe harbor allowing employers to exclude certain amounts from gross receipts solely for determining ERC eligibility

Fair Labor Standards Act: Federal law establishing wage, overtime, and recordkeeping requirements that must be considered in ERC calculations

Form 941 Requirements: Quarterly federal tax return requirements for reporting and claiming the Employee Retention Credit

Form 941-X Requirements: Requirements for amending previously filed Form 941s to claim or adjust Employee Retention Credits

False Claims Act: Federal law imposing liability on persons and companies who defraud governmental programs, applicable to fraudulent ERC claims

Treasury Department Regulations: Federal regulations providing additional guidance on ERC implementation and compliance requirements

State Tax Regulations: State-specific tax implications and requirements related to the Employee Retention Credit

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