IRS Employee Retention Credit

In response to the current COVID-19 pandemic, the IRS has made an employee retention credit available to many businesses.  Will you qualify?

Generally, the credit is available to employers who fall into one of the following categories:

  1. The employer’s business is fully or partially suspended by government order due to COVID-19 during the calendar quarter; and/or
  2. The employer’s gross receipts are below 50% of the comparable quarter in 2019. Once the employer’s gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter.

The credit is 50% of qualifying wages paid up to $10,000 in total.  Wages paid after March 12, 2020, and before January 1, 2021, are eligible for the credit.  Wages are not limited to cash and can include amounts paid for employer-provided health care.

For additional information about whether you qualify and how to receive the credit, you can look on the IRS website.

If you have any other questions regarding this tax credit or other tax matters, please feel free to reach out to Mendes Weed, LLP, at (925) 390-3222.  We are here to help you during this time with tax law, probate, estate planning, divorce, child custody, restraining orders, and civil litigation.  We have attorneys working remotely to help you with your legal needs.  Please take care during this hard time.


Mendes Weed, LLP is here to help you during this difficult time if you have any questions about your tax matter.  Please feel free to reach out to us at (925) 390-3222.

If you have been considering resolving your past-due tax liability with a collection alternative such as an offer in compromise or installment agreement, right now would be an excellent time to do it.  While we cannot guarantee a favorable result, your chances may possibly be better during this People First Initiative.

We are here to help you with tax law matters, estate planning, probate, divorce, child custody and visitation, trust/estate litigation, domestic violence, civil, and elder abuse restraining orders, unlawful detainers, and civil litigation.  We are able to meet with clients remotely so that you are not left without legal options. We are happy to help!

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Christina Weed - Taxation Law Specialist
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Phone: 925.390.3222

Fax: 925.301.8667

 

Mendes Weed, LLP is located in Walnut Creek and serves clients around the Bay Area. For your convenience, we also have offices in OAKLAND and Sacramento by appointment only.

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Walnut Creek Main Office

1990 N. California Boulevard
Suite 1020
Walnut Creek, CA 94596

 

Oakland Office

66 Franklin Street
Suite 300
Oakland, CA 94607

By appointment only.

Sacramento Office

770 L Street
Suite 950
Sacramento, CA 95814

By appointment only.