Mar 30, 2020

Business Tax Relief Under the CARES Act

Business Tax Relief

The following table outlines at a high level the major business tax changes in the CARES Act.  Please contact Joe Mandarino, if you have any follow up questions. § Title Description 2301  Employment tax credit   Eligible employers allowed a refundable credit against their social security tax liability equal to 50% of the qualified wages of each employee. Credit capped at $5,000 per employee. Applies to wages paid after 3/12/2020 and prior to 2021. Eligible employer: business is fully or partially suspended due to COVID-19, or gross receipts decline by at least 50% 2302  Employment tax payment     deferral  … Read more