The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted Dec. 27, 2020, made a number of changes to the employee retention tax credits previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including modifying and extending the Employee Retention Credit (ERC), for six months through June 30, 2021. Several of the changes apply only to 2021, while others apply to both 2020 and 2021.
Low-income individuals are eligible to receive an Economic Impact Payment. Those who do not have a regular filing requirement can use the free, online tool Non-Filers: Enter Payment Info to quickly and easily register to receive their payment. There is also a Spanish language version of the tool available.
The Non-Filers tool is for married couples with incomes below $24,400 or single people with income below $12,200. This includes couples and individuals who are homeless. Usually, married couples qualify to receive $2,400 while single people qualify to get $1,200. People with dependents under 17 can get up to an additional $500 for each child.