3 New Tax Credits

covid-19 employer tax 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

  1. 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.
  2. 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.
  3. Family Leave Credit: The employer can also...
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COVID 19 New Employer Tax Credits

employer tax Jun 13, 2020

A quick reference guide from the IRS to see if your business qualifies for Employee Retention Credits. Using the document, employers can determine whether they are eligible for the credits, the amount of the credits and which wages apply to the credits.

 

See full details on the IRS website:

https://www.irs.gov/coronavirus/new-employer-tax-credits

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