COVID-19 Tax Resources

Tax breaks available to businesses

Tax break article

Coronavirus Tax Relief for Businesses and Tax-Exempt Entities

• Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19
  The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. You can get immediate access to the credit by reducing the employment tax deposits you are otherwise required to make. Also, if your employment tax deposits are not sufficient to cover the credit, you may get an advance payment from the IRS.
  Get details on the retention credit
  
  
• Coronavirus-Related Paid Leave for Workers and Tax Credits for Small- and Mid-Size Businesses
  The Families First Coronavirus Response Act (PDF) gives all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members.
• If you're a small business owner who provides your employees family and medical leave, check out the IRS employer credit for paid family and medical leave.  This business tax credit has been extended until December 31, 2020.
  

  Learn more about the credit
  Get details on paid leave for employees

• IRS Accepting Fax Claims for net operating loss (NOL) refunds and alternative minimum tax (AMT) Credits
  Learn more about this temporary procedure

Stimulus Payment Information

• UAEX Myth Busting
• Myth busting 2020 Economic Impact Payments
• What You Need to Know About Tax Return Deadlines and Federal Stimulus Funds

Additional Tax Resources

• Warning to tax professionals
• UAEX Money Blog