Employee Retention Credit
The Employee Retention Credit is a fully refundable tax credit to encourage eligible employers to keep employees on their payroll. Eligible employers are able to receive a credit against employment taxes equal to 50% of qualified wages paid to employees who are not working due to the employer’s full or partial cessation of business or a significant decline in gross receipts.
The credit is available to be claimed on a quarterly basis but the amount of wages, including health benefits, for which the credit can be claimed is limited to $10,000 in aggregate per employee for all quarters. The credit applies to wages paid after March 12, 2020 and before January 1, 2021.
Employee Retention Credit Resources:
Updates and C&A Postings: