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IRS Provides FAQs About the Employee Retention Credit

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Organizations that did not receive or did not apply for a Paycheck Protection Program loan may be eligible to claim the benefits of the Employee Retention Credit.

For eligible employers, this credit subsidizes 50% of qualifying wages up to $10,000 per employee. An eligible employer is one that fully or partially suspends operation during any calendar quarter due to a governmental order limiting commerce, travel, or group meetings due to COVID-19.

The IRS has published a set of frequently asked questions regarding the Employee Retention Credit on irs.gov.

Ted Batson

Ted serves as partner, tax counsel, and Professional Practice Leader – Tax. As a certified public accountant and tax counsel, Ted advises exempt organizations of all sizes on a wide range of issues. This includes consulting on tax and employee benefit related matters, representation before state and federal tax authorities, and assistance with firm audit or advisory engagements to formulate advice and counsel on important operating and tax issues. Ted also leads the firm’s tax preparation practice, including IRS Forms 990 and 990-T and related state forms.

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