IRS Addresses Payroll Tax Credits for Leave Under COVID-19 Legislation | Practical Law
The Internal Revenue Service (IRS) has issued preliminary guidance addressing payroll tax credits enacted as part of the Families First Coronavirus Response Act (Pub. L. No. 116-127 (FFCRA)). The FFCRA was the second piece of major federal legislation enacted in response to the COVID-19 outbreak in the US. The guidance addresses how the FFCRA's credits coordinate with an employer's payment of payroll taxes, and permits expedited reimbursements for paid leave amounts in some instances.