IRS Launches Employee Retention Credit

Shared from: POLITICO Pro Staff The Treasury Department and IRS today has begun implementing the Employee Retention Credit included in the coronavirus economic package signed into law last week. The program provides a fully refundable tax credit for 50 percent of wages, up to $10,000, for each employee kept on the payroll by businesses that have taken a financial hit because of the pandemic. Businesses qualify if they have been fully or partially shuttered by government order, or if their gross receipts are below 50 percent of what they took in during a comparable quarter in 2019. They are no longer eligible once their gross receipts rise above 80 percent of the comparable quarter. The IRS

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