IRS Issues Tax Credit Guidance for Employers

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The Families First Coronavirus Response Act (FFCRA), signed by President Trump on March 18, 2020, provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.

The FFCRA gives businesses with fewer than 500 employees funds to provide employees with paid sick and family and medical leave for reasons related to COVID-19, either for the employee’s own health needs or to care for family members. Yesterday the IRS issued guidance via a Q&A to provide much-needed clarification for employers on accessing these tax credits.

Click here for the IRS Guidance.

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