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 impact business owners as well as employees.
As of now, we will be focusing on tax credits that have been outlined under both the Families First Coronavirus Response Act (“FFCRA”) and Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.
The Families First Coronavirus Response Act (“FFCRA”) was signed into place on March 18th, 2020 by President Trump to provide small and midsize employers refundable tax credits that reimburse them (dollar-for-dollar) for the cost of providing paid sick and family leave waves to their employees related to COVID-19.
The Families First Coronavirus Response Act includes:
1. PAID SICK LEAVE FOR EMPLOYEES AS CAREGIVERS
2. EXPANDED CHILD CARE LEAVE
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.
The Coronavirus Aid, Relief, and Economic Security Act includes:
1. EMPLOYEE RETENTION CREDIT
2. PAYROLL TAX DEFERRAL
While both of these Acts are 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 COVID-19 related tax credits, please send an email HERE.