COVID-19 Tax Relief
COVID-19 Related Legislation
As has been widely publicized, the federal government has enacted legislation that is designed to provide tax and other relief to employers as a result of the COVID-19 crisis. The tax relief is principally in the form of tax credits for payroll taxes that an employer is required to remit to the IRS when paying wages to its employees.
One of the laws enacted is the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act). The CARES Act was signed into law on March 27th. It provides for a refundable payroll tax credit for employers whose businesses have been adversely affected by the Coronavirus.