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Intuit Launches New Tools for Self-Employed and Small Business Clients

Intuit has launched the Intuit Aid Assist Tax Credit Estimator, allowing tax pros and accountants everywhere to better serve their clients by connecting them to relief as quickly as possible.

Jun 17th 2020
Managing Editor
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The Intuit Aid Assist Tax Credit Estimator combines multiple tax credit relief programs into one, making it easier for tax professionals to input their small business and self-employed clients’ information into one place to check their eligibility and learn about the total financial benefit they could potentially receive.

It uses knowledge engineering to simplify the various relief tax credits and deferments available to self-employed individuals and small businesses allowed under the CARES Act and FFCRA, including:

  • Employee Retention Credit (ERC)
  • Emergency paid sick leave credit
  • Employer Social Security tax deferral

1. The Employee Retention Credit ERC, which is part of the CARES Act, is available to eligible employers that continue to pay employees during a closure. The ERC is a refundable tax credit for up to 50 percent of the total wages paid to an employee during a closure, up to a maximum of $10,000 of wages per employee (in other words, $5,000 of credits per employee). Not available to businesses that received a PPP loan.

2. The Families First Coronavirus Response Act (FFCRA) provides refundable tax credits that reimburse eligible employers and self-employed individuals, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees caring for self and family related to the COVID-19 -pandemic.

3. The CARES Act also allows employers and self-employed individuals to defer payment of the employer portion of Social Security taxes that accrue from March 27, 2020 through the end of the year.

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