Last week the IRS issued a reminder to businesses affected by the COVID-19 pandemic about three new credits available to them through the CARES Act. These include tax credits for employee retention, paid sick leave, and family leave, and are available to employers of any size, including tax-exempt organizations, provided they meet eligibility requirements. We strongly encourage all small and medium-sized businesses to read the IRS memo here for an overview of each of these credits and how to go about receiving them. If you have questions about how the credits apply to your situation, please feel free to contact your Weiss tax professional.
For timely updates and advice about pandemic-related developments, visit the COVID-19 News and Information Center on our website.