IRS Provides More Guidance for Whether ERA Payments are Includable in Gross Income
The Internal Revenue Service (IRS) answered five frequently asked questions this week concerning the Emergency Rental Assistance (ERA) program. The questions relate to whether ERA payments are includable in gross income for various stakeholders in different situations. The answers highlight that renters do not include ERA payments in their gross income, while landlords and utility companies do.
Novogradac offers consulting services for both grantees and grant recipients in the ERA program.