Get information on coronavirus (COVID-19) 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.
Coronavirus-Related Paid Leave for Workers and Tax Credits for Small- and Mid-Size Businesses
The Families First Coronavirus Response Act 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.
NOL Carrybacks of C-Corporations
Get answers about NOL Carrybacks of C Corporations to Taxable Years in which the Alternative Minimum Tax Applies.
Tax Exempt NOL Carrybacks
Get more information about the carryback of NOLs by certain exempt organizations.
Payroll Support for Air Carriers and Contractors
Specific questions for tribes
- If a tribe or tribal entity operates a trade or business, is the tribe or tribal entity eligible for the Employee Retention Credit? (See FAQ 21)
- Under the ERC, do “qualified wages” include both the portion of the cost paid by the Eligible Employer and the portion of the cost paid by the employee? (See FAQ 63)
- Must a state, local, or tribal government require applications to be submitted by businesses or individuals before providing assistance using payments from the Fund? (See FAQ 43) – added September 1, 2020
Review these resources if your tribe or tribal entity operates a trade or business:
- Paycheck Protection Program
- COVID-19-Related Tax Credits for Paid Sick and Paid Family Leave: Overview
- FAQs: Employee Retention Credit under the CARES Act
- Coronavirus Relief Fund Frequently Asked Questions – updated May 4, 2020
- Form 7200, Advance Payment of Employer Credits Due to COVID-19
- Publication 5419, New Employer Tax Credits
Online Tax Help
Online resources for small business and self-employed taxpayers:
- Small Business and Self-Employed Tax Center: Online resources for taxpayers who file Form 1040 or 1040-SR, Schedules C, E, F or Form 2106, as well as small businesses with assets under $10 million.
- Filing and Paying Business Taxes: Electronic payment options.
- Closing a Business: Procedures for getting out of business, including what forms to file and how to handle additional revenue received or expenses incurred.
- Independent Contractor or Employee: It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. We can help.
- Small Business Taxes: The Virtual Workshop: Everything a new business owner needs to know to help you meet your federal tax obligations.
- IRS Video Portal for business: Contains A-Z information for business owners and self-employed individuals in a video format.
- Small Businesses TCJA Training Materials: The IRS continues to implement the Tax Cuts and Jobs Act (TCJA). This major tax legislation affects individuals, businesses, and tax-exempt government entities.
- “What Ifs” for Struggling Taxpayers
Online resources for tax-exempt and other entities:
- Applying for Tax-Exempt Status: IRS requires that Form 1023 applications for recognition of exemption be submitted electronically.
- Automatic Revocation: How to Have Your Tax-Exempt Status Retroactively Reinstated.
- Annual Filing and Forms: In general, exempt organizations are required to file annual returns, although there are exceptions.
- Tax Exempt Organization Search (formerly Select Check): Tax Exempt Organization Search helps users find information about a tax-exempt organization’s federal tax status and filings.
- CARES Act Coronavirus Relief Fund frequently asked questions
- Frequently Asked Questions about Taxation of Provider Relief Payments
- Frequently Asked Question about COVID Relief for Van Pools
- See all Frequently Asked Questions, resources and guidance.
- Publication 5420-D, A Toolkit for IRS Partners – Small Business Relief: Employer Tax Credits, Paid leave for employees, & Relief for compliance efforts
- Publication 5420-E, A Toolkit for IRS Partners – COVID-19 Relief for: Tax Exempt Organizations
- COVID-19 Business Tax Relief Tool