Employee Retention Refundable Tax Credit

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Employee Retention Credit -- Refundable Tax Credit Available to Employers

Refundable tax credit available to employers for 2020 and 2021 – the Employee Retention Credit. Employers can qualify for this credit by satisfying one of two criteria:

  • Their operations were fully or partially suspended due to a COVID related governmental order or
  • Whose gross receipts fell compared to 2019 (>50% for 2020; >20% for 2021)

If an employer qualifies for each quarter during 2020 and 2021, the tax credit could be up to $33,000 per employee.  Employers that qualify:
  • For 2020, any employer that carried on a trade or business or was a tax-exempt organization
  • For 2021, employers that were eligible for 2020 plus colleges, universities, and hospitals
Information sent by
Eide Bailly LLP
111 S. 2nd St., Ste 300
Mankato, MN 56001-5803 

Visit IRS website for full details:  https://www.irs.gov/coronavirus/employee-retention-credit

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