Treasury Department and IRS announce "Employee Retention Credit"
The Treasury Department and IRS have announced the launch of the new “Employee Retention Credit” of the CARES Act, which is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is available to all employers, regardless of size, and covers 50 percent of qualifying wages up to $10,000 paid by an eligible employer whose business has been financially impacted by COVID-19. A set of FAQs is available here.
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