Industry News: COVID Tax Credit Extended for Employers Who Keep Workers on Payroll
COVID Tax Credit Extended for Employers Who Keep Workers on Payroll
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted Dec. 27, 2020, made a number of changes to the employee retention tax credits previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).The Internal Revenue Service is urging employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.