IRS Issues Employer Credit and Tax Extension Guidance
Last updated March 24, 2020
The IRS has issued guidance explaining how employers can begin taking advantage of two new refundable payroll tax credits established under the Families First Coronavirus Response Act (the “Act”). As discussed in our previous alert, the Act gives all U.S. businesses with fewer than 500 employees funds to provide employees with paid leave as part of a COVID relief package. The guidance can be found here.
The IRS also issued an official notice regarding the extension of time to file and pay from April 15th to July 15th. A copy of the notice can be found here.
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