Coronavirus Tax Credits: What You Should Know About Employer Retention & Families First Credits

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The Employee Retention Tax Credit(ERTC)is a provision in the CARES Act that provides a tax credit to certified employers. There are some differences in how your credit is determined based on your business’ number of staff members. You can declare 50% of these earnings per worker– a credit of $5,000/ employee. Thirty staff members are not working however are still getting pay, and each employee is making $5,000 during this period. Companies can declare both the ERTC and FFCRA tax credits for eligible staff members.

The Employee Retention Tax Credit(ERTC)is a provision in the CARES Act that provides a tax credit to certified companies. You can claim 50% of these wages per worker– a credit of $5,000/ employee. Thirty workers are not working but are still getting pay, and each staff member is making $5,000 during this period.

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