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 offers a tax credit to certified companies. There are some differences in how your credit is determined based on your business’ number of workers. You can declare 50% of these incomes per staff member– a credit of $5,000/ employee. Thirty employees are not working but are still receiving pay, and each worker is earning $5,000 throughout this duration. Employers can claim both the ERTC and FFCRA tax credits for eligible staff members.

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