IRS Releases Guidance on Employee Retention Tax Credit
Last week, the IRS issued anticipated guidance on the Employee Retention Tax Credit. This credit is available to certain businesses that have lost revenue due to COVID-19 and can provide up to $5,000 per employee in tax credit. NRMCA advises members to consult their legal counsel and tax compliance professionals to discern whether you are eligible for the credit and to claim it.
You can find the IRS guidance here. The U.S. Chamber of Commerce sent a letter to the Department of the Treasury urging that employers who furloughed employees but continued to provide health insurance for the employee access to the credit. The Chamber’s full tax recommendation document is here.
For more information, contact Andrew Tyrrell at firstname.lastname@example.org.