PSA TAX CREDIT

Last updated July 3, 2020

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As team members have been heads down in helping our bookkeeping business clients prepare their Quarterly Payroll filings for the State and Fed, the new provision from the CARES Act is available.

Did you know about this provision? Everyone has talked about PPP and EIDL so much folks haven't talked about this additional provision.

It allows for business to be able to receive a credit of part of their Payroll Tax Liability if you or a family member have been affected by COVID-19 through self-quarantine (e.g. while waiting for test results or due to actual illness, had to stay home to care for a family member who was ill or had to stay home to care for a child whose school was closed during the School year).

The 2Q filings now have the provisions necessary to receive that credit for the Payroll Tax Liability you have in relation to the wages or salary taken during the 2Q.

If you have not had this discussion with your accountant or CPA you should. Make sure you use the CARES Act in the proper way if eligible before completing your 2Q Filings.

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