Tax Credits for Employers in Relief Bill
The Families First Coronavirus Response Act, signed Wednesday night, includes many tax credit provisions for employers to help them deal with recent events.
Credits include:
- Payroll tax credit for required paid family leave
- Payroll tax credit for required paid sick leave
Each of these credits have provisions for self-employed individuals in addition to employers.
The initial release from the U.S. Treasury, DOL and IRS can be read here, and includes examples of the calculations.
Further guidance will be released next week.
The IRS urges businesses and taxpayers to use their Coronavirus Tax Relief page to keep updated on federal tax relief related announcements.
