On March 31st, the Treasury Department and the Internal Revenue Service announced that businesses financially impacted by COVID-19 may qualify to receive the Employee Retention Credit. The credit is meant to help keep employees on payroll and is available to any size business who qualifies.

 

For any employer claiming this credit, sick leave credit or family medical leave credit, and these credits exceed the employer's payroll tax deposits, an advance payment may be received by filing an IRS Form 7200.

For eligibility and more information on the Employee Retention Credit and to file IRS Form 7200, click here: https://tinyurl.com/rbo2fuh

For instructions on IRS Form 7200, click here: https://tinyurl.com/yxxreytm