Employee Retention Credit

The Employee Retention Credit is a refundable tax credit against payroll taxes equal to 50% of qualified wages a qualifying employer pays to employees after March 12, 2020, and before January 1, 2021. The maximum qualified wages per employee is $10,000, Therefore, the maximum credit per employee is $5,000. The credit is available to all[ … ]

Work Opportunity Tax Credit Extended

With the passing of the Further Consolidated Appropriation ACT of 2021, the Work Opportunity Tax Credit was extended from December 31, 2020 through December31, 2025. These credits are based on hiring certain targeted individuals including veterans and those who receive food stamps. The tax benefits are significant – the typical yield is a $2,400 credit[ … ]