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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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IRS Updates FAQs on Paid Sick Leave Credit and Family Leave Credit
Internal Revenue Service [IRS] [Official Guidance] Jan. 29, 2021 Information Release 2021-26, Jan. 29, 2021. "The [IRS] today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the [FFCRA]. The FAQs are available at COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs. The updates to the FAQs cover how the COVID-related Tax Relief Act of 2020, enacted December 27, 2020, extends the availability of the tax credits created by the FFCRA to eligible employers for paid sick and family leave provided through March 31, 2021, as well as other amendments to the credits. The paid sick and family leave credits, which previously were available only until the end of 2020, have been extended for periods of leave taken through March 31, 2021." [Editor's notes: to find the updated FAQs, click on each of the links listed on the foregoing target IRS web page, which is essentially a table of contents. Each link goes to a subset of the FAQs. Almost all of those subsets appear to contain at least one FAQ that is marked "Updated January 28, 2021." The target page also contains a link to a different page with an updated "overview" of the FAQs. That overview page is useful, but unfortunately has a title that is confusingly similar to the foregoing target page. Be not afraid.] |
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