IRS Explains Coronavirus Tax Credit Details, Including Advances

1 Apr 2020


The IRS and Treasury Department have explained how business can claim the new Employee Retention Credit. It is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The IRS News release is IR-2020-62, and a Republican Senate Finance Committee take is here: . From the IRS, here are some questions and answers.

Does my business qualify to receive the Employee Retention Credit?

The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.

Click here to read full article from Forbes. 

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