Tax No Tuesday Episode 65: Did You Know This Secret Tax Credit
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS. Resource: www.irs.gov/ Bonus! Subscribe on our You Tube channel for other Tax, Payroll & Bookkeeping Videos: WYCOTAX FREE Tax, Payroll & Bookkeeping CHECKLISTS: wycotax.com/ Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is an outsource tax, payroll and bookkeeping company and not associated with any aforementioned institution.
