Tax Alert: President Signs Stimulus Package with Employee Retention Tax Credit

The $2 trillion stimulus package, referred to as the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), has been signed into law.

As we alerted you to yesterday, the Act includes a refundable employee retention credit of 50% of qualified wages paid during a period of coronavirus impact. Because there are various types of eligible periods of coronavirus impact, and various types of eligible wages (including an employer’s qualified health plan expenses), we look forward to working with our clients to analyze the applicability and utility of this newly enacted tax credit.

Please reach out to your First Advantage Tax Account Consultant, or your company’s tax advisor or legal counsel, to discuss the ongoing tax-related impacts of coronavirus.

This content is offered for informational purposes only. First Advantage is not a law firm, and this content does not, and is not intended to, constitute legal advice.  Information in this may not constitute the most up-to-date legal or other information.

Readers of this content should contact their own legal advisors concerning for their particular circumstance.  No reader, or user of this content, should act or refrain from acting on the basis of information in this content.  Only your individual attorney or legal advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation.  Use of, and access to, this content does not create an attorney-client relationship between the reader, or user of this presentation and First Advantage.

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