To address the health, financial, and tax problems during the coronavirus pandemic, the government has offered a COVID-19 tax relief for families, individuals, tax-exempt institutions, and businesses. With a stimulus package of about $2 trillion, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is passed into law and is being monitored by the IRS.
- Paycheck Protection Program
The government encourages small businesses to keep workers paid and employed during these times. The Paycheck Protection Program (PPP) funds are allocated to support the efforts of small businesses in maintaining their payroll and some overhead expenses. Ask from reliable tax accounting firms in Texas to see if you’re eligible for this program.
- Employee Retention Credit
Through the CARES Act, employers can reduce the employment tax deposits they are usually required to make. Whether your business is partially or fully suspended due to the current crisis, you can refund your tax credit with the help of tax services in Round Rock, Texas.
- Tax Credits for Businesses
Small- to medium-sized businesses can receive a package for paid sick leave and unemployment benefits for workers and families. Make sure to find accounting and bookkeeping services that offer a mastery of the Families First Coronavirus Response Act (FFCRA) connected to this policy.