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IRS Employee Retention Credit: What Employers Need to Know

Source: https://jdsupra.com/legalnews/irs-employee-retention-credit-what-28350/ - Apr 11, 2020

The Internal Revenue Service launched the Employee Retention Credit 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.

What Businesses Qualify

The credit is available to all employers regardless of size, including tax-exempt organizations. State and local governments and their instrumentalities and small businesses who take small business loans do not qualify.

Employers must fall into one of two categories:

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Category: General Business