COVID-19 Credits under the FFCRA and CARES Acts
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COVID-19 Credits under the FFCRA and CARES Acts
Under the new law, if an employee you are continuing to keep on payroll qualifies due to the various reasons set forth in the law during the Coronavirus crisis, then a calculation must be done to reduce your payroll tax payment based upon the amount of payroll that is being paid to those qualifying employees. In short, for both the employer and the employee portions of payroll tax that would normally be remitted, you, the employer, can reduce the remittance and keep the money, if you qualify. These credits are also refundable if your employment tax isn’t enough to cover the total recovery.
We can help you with these calculations and can identify all credits you might be eligible for under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Contact our team for assistance.
