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

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The Employee Retention Tax Credit(ERTC)is an arrangement in the CARES Act that provides a tax credit to qualified employers. There are some distinctions in how your credit is determined based on your company’ number of workers. You can declare 50% of these wages per employee– a credit of $5,000/ staff member. Thirty staff members are not working however are still receiving pay, and each employee is making $5,000 throughout this duration. Companies can claim both the ERTC and FFCRA tax credits for eligible employees.

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