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 supplies a tax credit to qualified companies. There are some differences in how your credit is determined based on your business’ number of staff members. You can claim 50% of these salaries per employee– a credit of $5,000/ employee. Thirty staff members are not working but are still receiving pay, and each worker is making $5,000 during this period. Companies can declare both the ERTC and FFCRA tax credits for qualified staff members.

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