CARES Act update: Maximizing the employee retention credit

The CARES Act created a new “employee retention credit” to assist employers affected by the COVID-19 pandemic. Many questions have been raised about what entities are eligible, how qualified wages are determined, and how this credit interacts with other payroll incentive programs. In response, the IRS has published an expansive list of frequently asked questions.While this FAQ offers some clarification, other questions still persist, and many businesses are working through the practical ramifications of this credit.

During this webinar, our experts will address the most significant aspects of the employee retention credit based on existing authority, including the recently issued FAQs. We’ll discuss the general application of the credit and how to distinguish it from other tax rules enacted in response to the COVID-19 pandemic. We’ll also provide numerous examples and planning considerations related to the retention credit.

Learning objectives:

• Understand the most significant aspects of the retention credit, including what’s been provided in IRS guidance and what questions remain open.
• Distinguish between the employee retention credit, other payroll tax incentives, and payment protection program loans.
• Determine whether an entity is an eligible employer and how qualified wages will be computed.
• Identify examples and scenarios that will best provide the credit to businesses.

Moderator:

• Stephen Eckert, senior manager, National Tax Office

Presenters:

• Amy Forester, partner, Tax Solutions Group
• Ginger Powell, senior manager, Tax Solutions Group
• Rebecca Smart, in-charge, National Tax Office