|Good News From the IRS: The IRS has announced it will provide immediate reimbursement for Covid-19 related employee medical leave, up to the limits set by the Families First Coronavirus Response Act, for employers of up to 500 employees. The cost of not just the leave but also of health insurance during the leave will be covered. You'll be able to deduct the costs of on-leave employees' pay and insurance from your payroll tax payments; if your costs are higher than your payroll tax due, you can apply for accelerated payment from the IRS. Please consult your payroll or tax professional for details.|
New Paid Leave Requirements:
Refundable Tax Credits for Paid Leave:
Final guidance on this program has yet to be released by the IRS; visit the IRS Coronavirus Tax Relief site for more information as it becomes available.