New IRS FAQs on CARES ACT Employee Retention Credit Answer Some Questions, Raise Others

5 May 2020
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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.