Over the last few months, meaningful emergency measures across local, state, and federal governments have been put into place to assist the economy during the Coronavirus outbreak. incentAdvise will now be working with clients to collect COVID-19-related tax credits that could help to significantly benefit business owners as well as employees.
As of now, we will be focusing on a specific tax credit, the Employee Retention Credit, that has been outlined under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law by President Trump on March 27th, 2020. The CARES Act provides fast and direct economic assistance for American workers, families, and small businesses, and preserve jobs for American industries.
Under the CARES Act, the Employee Retention Credit (ERC) is a fully refundable tax credit that eligible employers, who have been able to keep their employees on the payroll, are able to claim for Q2-Q4 of 2020 & Q1-Q3 of 2021.
Additional information on the qualifications and our process can be found HERE.
While this Act is providing temporary support, we do expect there to potentially be further measures put into place in the future should the economy call for it.
To begin working with incentAdvise to claim the Employee Retention Credit, please reach out to our team HERE.