Employee Retention Credit for Employers Subject to Closure Due to COVID-19 Crisis
From IRS: The Coronavirus Aid, Relief, and Economic Security (CARES) Act supports certain employers that operate a business during 2020 and retain employees, despite experiencing economic hardship related to the COVID-19 crisis, with an employee retention credit. The refundable tax credit is equal to 50% of qualified wages paid to employees after March 12, 2020, and before January 1, 2021. If you paid any qualified wages between March 13, 2020, and March 31, 2020, inclusive, you will include 50% of those wages together with 50% of any qualified wages paid during the second quarter of 2020 on your second quarter Form 941, 941-SS, or 941-PR to claim the employee retention credit. Do not include the credit on your first quarter Form 941, 941-SS, or 941-PR.
Find form here: 941 Update from IRS
FEDERAL AID PACKAGE HELPS INDIVIDUALS AFFECTED BY COVID-19
The Families First Coronavirus Response Act (H.R. 6201), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave...
Managing Your Business through a Crisis: 6 Steps to Success
Disasters and emergencies can strike at any moment. If you are a business owner and something were to happen today, would you be able to rebuild and recover?