View the outlined steps on how to report the Employee Retention Credit.
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By reporting the Employee Retention Credit on your Form LM-2, Unions can help keep their employees on payroll with a credit up to $5,000 per employee for qualified wages paid.
The credit is obtained by off-setting employer taxes and employee tax withholdings that the Union would normally remit to the IRS. Instead of making those disbursements, the Union can apply a credit against the amount normally due. If there are not enough taxes to recover the value of the credit, the Union may request a check from the IRS for the difference.
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By reporting the Employee Retention Credit on your Form LM-2, Unions can help keep their employees on payroll with a credit up to $5,000 per employee for qualified wages paid.
The credit is obtained by off-setting employer taxes and employee tax withholdings that the Union would normally remit to the IRS. Instead of making those disbursements, the Union can apply a credit against the amount normally due. If there are not enough taxes to recover the value of the credit, the Union may request a check from the IRS for the difference.
To view outlined steps on how to report the Employee Retention Credit, please complete the form.