Treasury, IRS and Labor announce plan

to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave.



IR-2020-57, March 20, 2020

WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (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. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.


The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee's own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.


Call Morales Services Inc at 352-358-1413 or send an email to info@moralesservicesinc.com to find out more!


You may also wish to visit our website at www.MoralesServicesInc.com to check out all the things we can do to help make your business life easier!


In these uncertain times of widespread business closures amidst the recent pandemic, there is no better time than now to have us look at your books and clean them up so you can properly evaluate your business and your next steps. There will be many changes ahead and knowing where you stand now, and how you weather this time in our history, will help you grow your business in the future.


Read the full article here - https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus

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