The IRS has granted relief to employers paying qualified sick leave wages and qualified family leave wages that are eligible for refundable tax credits under the Families First Act or that experience a decline in business entitling them to the refundable tax credit for qualified wages under the CARES Act. No penalties will apply to amounts not deposited that equal the refundable tax credits. This relief applies to deposits with respect to wages beginning April 1, 2020, through December 31, 2020 (and in anticipation of the qualified retention wages paid beginning on March 13, 2020.
New blog post today! What to Do about Tax Losses Due to COVID-19
Alert: Follow coronavirus-related federal tax changes through the IRS’ Coronavirus Tax Relief center.