Recent Posts tagged as 'Tax Credits'
Blog Post
05/19/2020
By Sarah Lockwood Church and Andrew J. Daly and Paul A. Kasicky

Under provisions of the CARES Act, employers are permitted to take a refundable tax credit against the employer share of Social Security taxes in the amount of 50 of the "qualified wages" with respect to each employee, up to $10,000. The maximum employee retention tax credit is therefore $5,000 per employee. Under revised IRS guidance issued May 7, 2020, FAQs 64 and 65, qualified wages include health care costs, even if the employer is not continuing to pay wages and compensation to that employee.