IRS Explains Coronavirus Tax Credit Details, Including Advances
Wednesday, April 01, 2020
The IRS and Treasury Department have explained how business can claim the new Employee Retention Credit. It is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The IRS News release is IR-2020-62, and a Republican Senate Finance Committee take is here: . From the IRS, here are some questions and answers.