Under the Coronavirus Aid, Relief, and Economic Security Act, the Treasury Department and IRS have launched the Employee Retention Credit, which is designed 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 affected by COVID-19.
The IRS has made available FAQs regarding the Employee Retention Credit. View more information.
