Several releases today address the employee retention credit—a provision included in the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) (Pub. L. No. 116-136).
The employee retention credit is a refundable payroll credit based with regard to wages paid by an eligible employer whose business has been financially affected by COVID-19.
With respect to tax-exempt employers, the credit generally is available to any tax-exempt employer, regardless of size, whose operations either have been fully or partially suspended due to a governmental order related to COVID-19 or have experienced a significant decline in gross receipts. Governmental employers—presumably including state universities—are not eligible for the employee retention credit.
The releases today concerning the employee retention credit include:
For more information, contact a tax professional with KPMG’s Washington National Tax practice:
Ruth Madrigal | +1 202 533 8817 | firstname.lastname@example.org
Preston Quesenberry | +1 202 533 3985 | email@example.com
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