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What You Need to Know!
Overview
- The employee retention tax credit is a broad based refundable tax credit designed to encourage employers to keep employees on their payroll.
Availability
- The credit is available to all employers regardless of size including tax exempt organizations.
- To qualify, the employer has to meet one of two alternative tests. The tests are calculated each calendar quarter
Reimbursement Payment
- Employers can be reimbursed for the credit by reducing the amount of payroll taxes they have withheld from employees’ wages that they are required to deposit with the Treasury.
- This is a cash reimbursement and does not need to be repaid.