Employee retention tax credits are a refundable tax credit (equal up to 50% of qualified wages) designed to help businesses retain employees during the social distancing mandate. For each employee, wages up to $10,000 can be counted to determine the amount of the 50% credit In the following article, Optima Tax Relief reviews the guidelines for employee retention credit eligibility. In an effort to help businesses that have either closed or have significantly reduced their day-to-day staff and operations in response to the COVID-19 outbreak, the Treasury Department and the Internal Revenue Service deployed the Employee Retention Tax Credit. This…
OPTIMA TAX RELIEF REVIEWS EMPLOYEE RETENTION CREDITS FOR BUSINESSES COPING WITH COVID-19 CRISIS
