New Hire Retention Credit
Has anyone looked at what QB reports can be pulled in order to calculate the New Hire Retention Credit?
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You need the wage totals for the first 26 weeks and the second 26 weeks the employee worked. I think the Payroll summary report would be adequate for this. Make sure you use W2 wages. If there was a health insurance deduction you will need to reduce the wages by that amount.
Very likely each employee that qualifies will have a different start date, so you will need to run this report with the correct date range for each eligible employee. The maximum credit is $1,000 per employee.
Kathy Byma, CPA
