May 1, 2020

2020 – 05/01

Employers have many questions about the new Employee Retention tax credit. To answer them, the IRS has issued a series of FAQs about the credit, which is part of the Coronavirus Aid, Relief, and Economic Security Act. The refundable credit can be applied against payroll tax and is available to employers whose operations were fully or partly suspended due to a coronavirus (COVID-19) government shutdown order, or because their gross receipts fell more than 50% compared to the same quarter in 2019. The credit equals 50% of up to $10,000 in compensation (including health care benefits) paid to an eligible employee from March 13 through Dec. 31, 2020. Read the FAQs here: