The Internal Revenue Service posted new Frequently Asked Questions (FAQs) regarding COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses enacted by The Families First Coronavirus Response Act (the “FFCRA”).FAQ’s include the following and more:
- When can employers start claiming the credits?
- How do employers claim the credits?
- What documentation must be retained?
- Are similar tax credits available to self-employed individuals?
This is very helpful information for those companies who are beginning to have sick and family leave cases that fall within the FFRCA.
Please contact Matt Folz, CPA at firstname.lastname@example.org for more information.