IRS Guidance on COVID-19 Paid Leave Tax Credits Under the FFCRA | Practical Law

IRS Guidance on COVID-19 Paid Leave Tax Credits Under the FFCRA | Practical Law

The Internal Revenue Service (IRS) has issued extensive FAQ guidance regarding the refundable payroll tax credits permitted for the paid leave requirements under the Families First Coronavirus Response Act (FFCRA), as amended by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The FFCRA and CARES Act require certain employers to provide paid leave in response to the US outbreak of COVID-19 and make available related payroll tax credits. The FAQs address various aspects of compliance with the payroll tax credit requirements, including rules applicable to employee benefit arrangements.

IRS Guidance on COVID-19 Paid Leave Tax Credits Under the FFCRA

Practical Law Article w-024-9255 (Approx. 19 pages)

IRS Guidance on COVID-19 Paid Leave Tax Credits Under the FFCRA

by Practical Law Employee Benefits & Executive Compensation
Law stated as of 15 Jul 2020 • USA (National/Federal)
The Internal Revenue Service (IRS) has issued extensive FAQ guidance regarding the refundable payroll tax credits permitted for the paid leave requirements under the Families First Coronavirus Response Act (FFCRA), as amended by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The FFCRA and CARES Act require certain employers to provide paid leave in response to the US outbreak of COVID-19 and make available related payroll tax credits. The FAQs address various aspects of compliance with the payroll tax credit requirements, including rules applicable to employee benefit arrangements.