Employers should report the employee retention tax credit on their returns for the 2nd quarter of 2020. The Coronavirus Aid, Relief, and Economic Security (CARES) Act supports certain employers that operate a business during 2020 and retain employees, despite experiencing economic hardship related to the COVID-19 crisis. The refundable employee retention credit is equal to 50% of qualified wages (up to $10,000) paid to employees after March 12 and before Jan. 1. Employers that paid any qualified wages between March 13 and March 31 can include 50% of those wages together with 50% of any qualified wages paid during the second quarter of 2020 on their 2nd-quarter Form 941, 941-SS, or 941-PR. Call or visit our website for more information! www.mjscpa.com/
