COVID-Related Tax Relief Act of 2020 Provides Corporate Tax Benefits

COVID-Related Tax Relief Act of 2020 Provides Corporate Tax Benefits

Dec 27, 2020 by Maureen Hourihan

The President signed the COVID-Related Tax Relief Act of 2020 (COVIDTRA) and government funding bill into law today. Many of the provisions of COVIDTRA will benefit Silverlode clients, including the following extensions and expansions:

• Federal Empowerment Zones (FEZ) and Work Opportunity Tax Credit (WOTC) - Five year extension
• Indian Employment Credit (IEC) - One year extension
• Natural Disaster Relief - One year extension and new qualified areas
• Cares Act Employee Retention Tax Credit - Six month extension

Silverlode has a dedicated team of experts with experience in areas of federal, state and local taxation to assist employers in capturing tax credit and incentive opportunities. If your company is interested in receiving more information on the new COVID-Related Tax Relief Act of 2020, please contact Maureen Hourihan mhourihan@silverlodeconsulting.com.