Paid Leave and Tax Credits for Businesses Impacted by the Coronavirus

           All businesses have been impacted in a variety of ways by the COVID-19 pandemic. Even as some government restrictions begin to relax, the true toll is only starting to become clear. This is due not only to closings or modifications of how a business is operated, but also how employees have been effected. The Internal Revenue Service (IRS) has made provisions to deal with some of these changes.

          The Families First Coronavirus Response (FFCR) Act was signed into law to provide relief for individuals along with small and midsize businesses. It creates 2 new refundable payroll tax credits. This is to be used to provide employees with paid leave to care for COVID-19 related health issues for themselves or family members. This will include any health insurance costs for the employee. This credit is fully refundable to the employer and will be sent by the IRS as soon as possible. To find out more about how these credits can help your business during this challenging time, talk to your Qualified Tax Professional.

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