Many companies that have been severely affected by the coronavirus (COVID-19) will qualify for two new employer tax credits: the Family and Sick Leave Credit and the Employee Retention Credit.
In addition, at the start of the quarantine, it was announced that the due dates for filing and paying federal income taxes would be extended until July 15, 2020 as a way to make the process more flexible.
If your small business has been financially affected by the coronavirus, you could still benefit from measures taken by the government to mitigate the impact of the pandemic.
For example, your business may qualify for the Employee Retention Credit, a refundable tax credit against certain labor taxes equal to 50 percent of qualified wages that an eligible employer pays employees from now until before January 1 from 2021.
Regarding paid coronavirus-related leave for workers and tax credits for small and medium-sized businesses, the Coronavirus-Responsive Families First Act was announced, a rule that provides funding to all U.S. companies with fewer than 500 employees to provide paid leave to employees, whether for the employee’s own health needs or to care for family members.
If you have any questions about this process, please contact the Valle Group team of experts in Nampa. Contact us at 208-505-0108 | 5680 E Franklin Rd. Suite 225 #Nampa, ID 83687 | www.myvallegroup.com