To encourage more people to obtain the COVID-19 vaccines, the American Rescue Plan Act of 2021 permits eligible employers of small and medium-sized businesses to claim refundable tax credits to reimburse them for the cost of providing paid time off for employees to receive COVID-19 vaccinations and recover from any potential side effects related to the vaccines. The tax credits are available from April 1 through September 30, 2021. This means that employers who provided employees with paid leave before April 1, 2021 will not be reimbursed for the wages paid.
Continue Reading IRS Provides Guidance on Tax Credits for COVID-19 Vaccination Paid Time Off
IRS and DOL Preview How Employers Can Recoup Costs of Providing Paid Leave to Employees for Coronavirus-Related Absences
Last week, President Trump signed into law the Families First Coronavirus Response Act (“FFCRA”), which requires employers with fewer than 500 employees to provide employees expanded family and medical leave and paid sick leave benefits for Coronavirus-related reasons. The FFCRA creates for certain private employers a refundable paid sick leave credit and paid child care leave credit that are intended to immediately and fully reimburse these employers, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
Continue Reading IRS and DOL Preview How Employers Can Recoup Costs of Providing Paid Leave to Employees for Coronavirus-Related Absences