IRS Tax Credit: Employee Retention Credit (ERC)

by ZOMMA Group

The Employee Retention Credit is a fully refundable tax credit for employers up to $5,000 for each full-time employee that the employers retained between March 13 and Dec. 31, 2020 and up to $28,000 for each retained employee between Jan.1 and Dec. 31, 2021 ($7,000 each quarter). Applications are allowed despite receiving PPP loans, but the ERC can only be claimed for qualified wages not treated as payroll costs in obtaining forgiveness of the PPP loans.

Most employers, including tax exempt organizations, can qualify for the credit. Qualification is determined by one of the following two factors:

  1. A trade or business that was fully or partially suspended or had to reduce business hours due to a government order. The credit applies only for the portion of the quarter the business is suspended, not the entire quarter.
  2. An employer that has a significant decline in gross receipts, by at least 50% of what they earned the same calendar quarter in 2019 (compared to 2020) and by at least 20% for 2021 (always compared to year 2019).

Employers will use Form 941 (Employer’s Quarterly Payroll Tax Return) to immediately claim the credit by reducing payroll taxes sent to the IRS, for the applicable quarters of 2021 in which the qualified wages were paid or will use Form 941-X (Adjusted Return) to retroactively file for year 2020.

It is important to underline that there is no size limitations in the number of the employees, and that if the credits exceed payroll taxes, employers can request a direct refund from the IRS.

ZOMMA Group has established a dedicated team that is continuously monitoring new guidance from SBA, Treasury, Congress, and IRS, to ensure we have the latest information when advising our clients.

To discuss your eligibility for the ERC and/or accurately calculate your potential credit, feel free to contact us:


Prosecco DOC Rosè

by Valdo USA

In 2020 a modification of the disciplinary rules that define the Prosecco DOC appellation was approved, allowing the production of the most popular sparkling wine in the world in a Rosé version. The only two grapes allowed are Glera (85-90%) and Pinot Nero (15-10%) harvested in the Prosecco DOC region which is an area in the North East of Italy encompassing 9 provinces:

Treviso, Venezia, Vicenza, Padova, Belluno in the Veneto region and Pordenone, Udine, Gorizia, Trieste in the Friuli region.

It is mandatory to display the vintage year on the label (Millesimato) and this wine will only be available “Spumante” version (therefore not semi-sparkling, or Frizzante).

In terms of sweetness level, Prosecco DOC Rosé can be made Brut (which means dry, 0-12 grams/liter of Residual Sugar) or Extra Dry (which is more sweet, 12-17 g/l RS)

Wines must follow the Charmat/Martinotti production method, in which the second fermentation that produces bubbles happens in pressurized steel tanks, rather than in individual bottles, as in Champagne.

Prosecco Rosé ages minimum 60 days in tanks to gain more flavor.

Valdo, leader of the Prosecco Spumante market in Italy and Germany, has launched the new Marca Oro Prosecco DOC Rosè Brut in the US market. Glera blends with Pinot Nero giving rise to a fresh and lively sparkling wine with elegant fine bubbles obtained after 90 days Martinotti Method and a refined silky pink colour.

It features a persistent mousse and inviting aromas reminiscent of apple and small red fruits

The flavour is delicate, interwoven with fruity sensations, pleasantly harmonious and with a lingering finish.

With a moderate alcohol of 11%, it is perfect as an aperitif wine and it can also be paired througout the whole meal with white fish and Mediterranean cuisine.

It should be served in a large-stem glass, at a temperature of 4-6°C.


Possible Tax Developments under the New Biden Administration

by Salcedo Attoneys at LAW PA

The new Biden administration was sworn on January 20, 2021 and quickly began implementing its agenda of measures intended to contrast the health and economic fallout caused by the COVID-19 pandemic. It is possible that, when the COVID-19 emergency has settled, the Biden administration may turn its attention to making changes to some key tax provisions. Some of these possible changes as they were announced are summarized below.

Individual Income Tax

The current top rate for individuals’ federal income tax is 37%. The Biden camp has proposed to raise such rate to 39.6% for taxpayers whose income exceeds $400,000. Also, long term capital gains which currently enjoy a favorable reduced rate of 20% would be taxed at the applicable ordinary income tax rate.

Corporate Income Tax

One of the TCJA’s most publicized changes was the introduction of a flat 21% rate for corporations’ income. During his campaign, President Biden proposed to raise such rate to 28%. Also, income derived abroad by U.S. corporations will continue being subject to the minimum tax regime established under the GILTI provisions of the TCJA. The GILTI minimum rate would increase from 10.5% to 21% under a proposal of the Biden camp.

Estate Tax

The estate tax has been one of the areas in which the two candidates’ differences became more apparent. The TCJA had introduced a historically high exemption for the estate tax, currently standing at $11.7 million for U.S. domiciliaries, which thanks to a portability provision can be effectively doubled for spouses. The Biden camp proposed to reduce the estate tax exemption to $3.5 million and to increase the top estate tax rate to 45%. Another proposal suggested that there would no longer be a free “step-up” in the basis of capital assets held at death or that there would be automatic income realization at death. There has been no mention of changes to the very low ($60,000) exemption currently applicable to non-U.S. domiciliaries.


2 New Guidebooks for Italian entrepreneurs

The Italy-America Chamber of Commerce Southeast has lately developed two new market researches, focusing on key sectors for Italian export in the US market.

The first research deeply analyzes the American wine market, allowing readers to get a clear glimpse of the present state, the current trends and the foreseeable future for one of the fastest growing segments of Italian exports in the USA, which was worth around 1.9 billion dollars in 2020.

This 40 pages’ research analyzes all the main aspects of the market, including consumption trends, distribution system, labelling, key players and more.

The second market study focuses on the biggest retailer in the world, Amazon, and its grocery section. The research features chapters specifically tailored for Italian food and beverage companies trying to access this platform for boosting their online sales in the USA. In 2020 Online groceries sales in America reached an all-time record of 89 billion dollars.

This 30 pages’ research examines the steps a company should do to become a vendor on Amazon USA . including legal, marketing and operational aspects, before going in depth in what makes products stand out on the platform, focusing on concepts like keywords definition and packaging solutions, while also providing numerous examples for the reader to learn from.

Both guidebooks are now available for purchasing at the price of $350 each (20% discount available for IACCSE members only). Please find here below a preview of the topics covered in both market research.

Please send your purchasing request to

The IACCSE promotes the new B2B platform dedicated to the best artisans from Tuscany

The Italy-America Chamber of Commerce Southeast is glad to present the new project created by Tuscany Regional Government and Artex (Centro per l’Artigianato artistico e tradizionale della Toscana): is the innovative platform to meet the best of Made in Tuscany’ and get to know companiesorganize virtual meetings, communicate directly with the companies and download all their catalogues.

Products include furniture, lighting, contract, home-decoration, table and kitchen, gift and lifestyle ideas, unique and custom-made pieces.

Catalogues are constantly updated to offer the latest products of Tuscan artisanship.

Every product page includes its useful information as technical specifications and request forms.

Do you want to offer your clients the most unique and hidden gems of Tuscany?

Visit the website at and register as a buyer by clicking on the following link:

Pick up your favorite companies and start trading!

For more information on the project or about the activities that the Italy-America Chamber of Commerce Southeast organizes in the furniture and lifestyle sector, please contact us at:




Nell’ambito del continuo impegno della Italy-America Chamber of Commerce Southeast nel promuovere le opportunità di business per le aziende italiane nello Stato della Georgia, il 10 marzo, la IACCSE- Georgia Chapter sarà partner del webinar: “Successo in Georgia: come lo fanno gli italiani”, organizzato dal Georgia Department of Economic Development, in collaborazione il Consolato Generale d’Italia a Miami.

Parteciperanno come nostri rappresentanti: il Dott. Eugenio Fumo, Vice Presidente del IACCSE Georgia Chapter e CEO di Jas USA e i nostri soci il Dott. Ryan Kurtz di Miller & Martin e il Dott. Commercialista Filiberto Calascibetta di Roedl & Partners nonché’ Console Onorario d’Italia ad Atlanta.

Testimonial d’eccezione sarà la Dott.ssa Veronica Squinzi, CEO di Mapei

L’evento digitale sarà una occasione utile per conoscere più a fondo la realtà delle imprese italiane che già operano con successo nella Georgia, area di grande interesse economico e con una marcata specializzazione sull’industria manifatturiera (macchinari, automotive, automazioni industriali)

La registrazione è gratuita tramite il link: