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Employee Retention Credit COVID-19
Employer Retention Credit COVID-19
https://www.irs.gov/newsroom/irs-thre...
IR-2020-89, May 7, 2020 WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The employee retention credit 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 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.
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By Robert (Bob) SteeleEmployer Retention Credit COVID-19
https://www.irs.gov/newsroom/irs-thre...
IR-2020-89, May 7, 2020 WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The employee retention credit 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 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.