Employee Retention Credit
Tax Credit
- Refundable tax credit 50% of
- Wages paid from March 13,2020 to March 31, 2020
- Wages paid after March 31, 2020 but before January 1, 2021
Where to report claim the credit?
- Second quarter filing Form 941 due July 31, 2020
Employer Refundable Credit
If you have a business with employees and are forced to close because your business was not deemed essential, you could be qualified to claim Employee Retention Credit when you file your form 941 for the second quarter. The credit is refundable which means that if the credit is more than your Employer Federal Tax, you would get a refund.
If you continue to pay employees in-order to keep them, any wages you paid after March 13 is qualified for the credit.
When you file your Form 941 Employer’s Quarterly Federal Tax Return for the first quarter which is due by April 30, 2020, you don’t claim the credit on that form 941.
Claim the credit when you file the second quarter Form 941 due by July 31st 2020.
Make sure you track your wages payment in a way to record your payment from March 13 to March 31 to be able to claim 50% of that on your 941.
Check IRS website for updates at https://www.irs.gov/forms-pubs/employee-retention-credit-for-employers-subject-to-closure-due-to-covid-19-crisis
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