Crosslin has received many questions regarding the Employee Retention Credit under the CARES Act. The Employee Retention Credit encourages 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 recently posted some updated FAQs that help provide some direction on the Employee Retention Credit. Read more here.
As always, the Crosslin tax team is also available to answer any questions you may have. Give us a call at 615.320.5500. We are here to help!