May 3, 2018 / North America
The Disaster Tax Relief and Airport and Airway Extension Act of 2017 established an Employee Retention Credit for businesses in areas affected by Hurricanes Harvey, Irma and Maria. The Employee Retention Credit was later expanded to cover areas affected by the California wildfires by the Bipartisan Budget Act of 2018.
WHAT DO YOU NEED TO KNOW?
The Employment Retention Credit provides a general business credit of 40% of the wages paid to eligible employees (not to exceed $6,000 per employee) from an effective date through the earlier of:
As a general business credit, the Employee Retention Credit can be applied against 2017 federal income taxes or carried back one year / carried forward 20 years.
HOW WILL IT AFFECT YOU?
You and your business will qualify for this Employee Retention Credit if…
You are an “Eligible Employer” who:
It is located in the following affected areas:
If you are otherwise:
WHAT CAN A&M TAXAND DO FOR YOU?
A&M Taxand is a team of experienced tax credits and incentives professionals who can assist clients with employee retention credits.
We will advise and help closely examine the following for taxpayers if they qualify and can pursue 2017 Employee Retention Credits:
Under the current state of tax reform, we advise our clients to be proactive and take necessary precaution. It’s best for any company to optimize the most viable and/or beneficial tax planning opportunities moving forward.
To learn more about our services, visit: https://www.alvarezandmarsal.com/expertise/tax