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July 31 is the second-quarter deadline to report the Employee Retention Tax Credit to the IRS on Form 941s. Eligible employers can receive credits of up to $5,000 for employees that have been paid while operations were fully or partially suspended due to a governmental order.
Community banks can work with their tax advisers to determine eligibility and whether to claim the credit. More information on the Employee Retention Tax Credit is available in frequently asked questions from ICBA and the IRS.