The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. The leave requirements and associated tax credits were part of the Families First Coronavirus Response Act.
We are still awaiting formal regulatory guidance, but the agencies have announced a 30-day non-enforcement period for good faith compliance efforts. Additional guidance and the mandatory notice for paid sick leave are expected this week.
See the announcement for details.
For more information about the Families First Coronavirus Response Act and other COVID-19 related employment concerns, please join our webinar at 4:00 PM Eastern time on March 23, 2020. You may register by clicking here.