The government has created two new employer tax credits to help you under the pandemic with the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
- Sick and Family Leave Credit
- Employee Retention Credit.
These tax credits can be very beneficial. Our recommendation is that you ask your accountant about them and if you are eligible. If you enjoy reading information from the IRS (there are support groups for this kind of desire) you can GO HERE to read all about it. But generally, if you kept your employees on the payroll during the pandemic and/0r you gave some of them paid sick leave during the pandemic, you MAY be eligible. Your accountant will be able to help with the specifics.
Here is more information on this (especially if you can’t sleep at night) 🙂