In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations Act, 2021 (CAA), the credit has been extended through June 2021. The credit is actually […]
tax credits
Payroll Tax Credit Pays for Keeping Employees on Payroll
Tax Credit Pays for Keeping Employees on Payroll To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress put in place a refundable Employer Retention Credit. This is available to all qualifying employers regardless of size, including tax-exempt organizations. To qualify for the credit, employers must fall into one of two […]
Work Opportunity Tax Credit: Congress Extends WOTC One More Year
President Trump signed into law the Appropriations Act of 2020 last December 20, 2019. This law includes a number of tax law changes, as well as extending certain tax provisions. These provisions either expired after 2017 or were about to expire. Also, a number of retirement and IRA plan modifications, and other changes that will […]