Worker Retention Credit Available To Employers, IRS Says

A refundable employee retention tax credit of up to $5,000 is now available to businesses affected by the novel coronavirus pandemic, the IRS said Tuesday.

The 50% credit is available on up to $10,000 in wages paid by employers whose businesses are suspended by government order due to the pandemic and whose gross receipts are less than half of the comparable financial quarter from last year, the Internal Revenue Service said in a news release. Wages paid between March 12, 2020, and Jan. 1, 2021, are eligible for the credit, the agency said.  

--Editing by Tim Ruel.

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