Daily Archive: May 18, 2020

Subaru full-year profit rises 16% but uncertain about coronavirus impact By Reuters

© Reuters. FILE PHOTO: The 2020 Subaru Outback is revealed at the 2019 New York International Auto Show in New York City

TOKYO (Reuters) – Subaru Corp (T:) on Monday posted a 15.7% rise in annual operating profit in the year that ended in March as it recovered from production delays and product recalls last year, but warned of uncertainties from the coronavirus outbreak this year.

Profit was 210.3 billion yen ($1.96 billion) for the year just ended, up from 181.7 billion yen a year ago. It exceeded a consensus estimate of 204.7 billion yen profit drawn from 17 analysts polled by Refinitiv.

Subaru declined to give an earnings forecast for the current business year, citing uncertainties about the longer term impact of the coronavirus outbreak on its operations and sales.

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3 new coronavirus tax breaks businesses can take advantage of now

In case you missed it, the IRS recently rolled out three new tax credits aimed at helping businesses through the coronavirus pandemic.

As businesses and individuals across the country have been hit hard by coronavirus shutdowns, the government launched a slew of programs—from small business loans to enhanced unemployment—aimed at providing some relief.

The IRS recently reminded small businesses that, as part of the $2.2 trillion CARES Act, businesses have access to three tax credits: the Employee Retention Credit, the Paid Sick Leave Credit, and the Family Leave Credit—aimed at helping businesses cover required payments to employees amid the crisis, and keep them on the payroll.

Employee Retention Credit

For eligible businesses financially impacted by the coronavirus, the Employee Retention Credit is a fully refundable tax credit designed to help keep employees on the payroll. It’s 50% of up to $10,000 in wages paid by an eligible employer whose … Read More