For more information regarding the legal impacts of the coronavirus, please visit our Coronavirus Resource Center.

Key takeaways

• The IRS has issued new guidance in the form of FAQs that clarify elements of the employee retention credit under the CARES Act.
• If available, the credit provides employers with a refundable tax credit of up to $5,000 per covered employee.
• The FAQs also highlight situations in which the IRS may try to curb the use of the tax credit.