Preparing HR for Future Health Crises
On March 1, 2021, the Internal Revenue Service (IRS) issued Notice 2021-20 to provide guidance for employers claiming the 2020 employer retention tax credit. This tax credit was created by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to encourage employers to keep employees on their payroll, despite experiencing economic hardships related to COVID-19.
Employers can claim the tax credit if they:
- Paid qualified wages between March 12, 2020, and Jan. 1, 2021; and
- Experienced a full or partial suspension of their operations or a significant decline in gross receipts.
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