Here’s an important issue of IRS Tax Tips. Small and midsize employers can claim two new refundable payroll tax credits I have also included recent social media messages. We hope the information will be helpful and encourage publication in your organization’s magazines, newsletters, email distributions, website and social media platforms.
IRS has posted FAQs on the employee retention credit and paid family leave and sick leave credit. Learn more about all the tax new credits available to businesses at https://go.usa.gov/xvGRk #COVIDreliefIRS
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Issue Number: COVID Tax Tip 2020-53
COVID-19 paid leave tax credits for small and midsize businesses
Small and midsize employers can claim two new refundable payroll tax credits. The paid sick leave credit and the paid family leave credit are designed to immediately and fully reimburse eligible employers for the cost of providing COVID-19 related leave to their employees.
Here are some key things to know about these credits.
To take immediate advantage of the paid leave credits, businesses should use funds they would otherwise pay to the IRS in payroll taxes. If those amounts are not enough to cover the cost of paid leave, employers can request an expedited advance from the IRS by submitting Form 7200, Advance Payment of Employer Credits Due to COVID-19.
For details about these credits and other relief, visit Coronavirus Tax Relief on IRS.gov.
Share this tip on social media -- #IRSTaxTip: COVID-19 paid leave tax credits for small and midsize businesses. https://go.usa.gov/xvGyC