Employee Retention Credit

The Employee Retention Credit for 2020 and 2021 has been expanded. The CARES Act provided a refundable tax credit against certain employment taxes equal to 50 percent of up to $10,000 of qualified wages paid after May 12, 2020 and before January 1, 2021. The Consolidated Appropriations Act provides a refundable credit equal to 70 percent of qualified wages paid between January 1, 2021 and July 1, 2021. Click here for further details on who qualifies for this credit and how it is calculated.