Archives

Advised that the employee retention credit is a refundable tax credit of 50% of up to $10K in qualified wages eligible employers continue to pay workers between 3/12/20 and before 1/1/21, despite their business suffering adverse consequences of the Coronavirus.

The loan is determined based off of payroll costs. The loan funds can be used on payroll, mortgage interest, utilities, and rent.

Their own

We are awaiting regulations from the IRS but the $300 above the line deduction for taxpayers will only be allowed from some 501(c)(3) organizations that a taxpayer contributes to.