3 New Tax Credits
Jun 16, 2020
If you have employees, make sure to ask your accountant about 3 new tax credits. These new credits were created to help off set the financial hardship caused by COVID-19
- Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The credit is available to all employers regardless of size, including tax-exempt organizations. The two exceptions are state and local governments and their instrumentalities and small businesses who take small business loans.
- Paid Sick Leave Credit: The paid sick leave credit is designed to allow businesses to get a credit for an employee who is unable to work (including telework) because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis.
- Family Leave Credit: The employer can also receive the credit for employees who are unable to work due to caring for someone with Coronavirus or caring for a child because the child's school or place of care is closed, or the paid childcare provider is unavailable due to the Coronavirus.
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