Employee Retention Tax Credit for Employers
Employee Retention Tax Credit for Employers – The federal CARES Act created a refundable payroll tax credit for businesses that keep workers on payroll that is equal to 50% of payroll on the first $10,000 of compensation (including health care benefits) paid to each employee. The credit is NOT available to employers receiving assistance through the Paycheck Protection Program. The credit is provided through December 31, 2020. The IRS provided these FAQs on the Employee Retention Credit.
Tax Credits for Paid Leave
Tax Credits for Paid Leave – Under the Families First Coronavirus Response Act, small and midsize employers can take advantage of two new refundable payroll tax credits that provide 100% reimbursement for the cost of providing COVID-19 paid sick leave or paid child care leave to employees.
Additional Resources
IRS Coronavirus Information Page – Provides up-to-date information from the IRS on COVID-19 tax programs.
