Paid Family and Medical Leave Credit expiring soon!
Attention employers! A valuable credit, known as the employer credit for paid family and medical leave, will expire soon. It allows eligible employers to claim a general business credit on their 2018 and 2019 tax returns. The credit is based on wages paid in those years to “qualifying employees” on leave, subject to conditions. It’s calculated using a percentage of wages paid while on leave (from 12.5% to 25%). Here’s a list of frequently asked questions from the IRS that detail the requirements for employers and which employees qualify: https://bit.ly/2Ys5M1m. Also, here’s a link to the revised Form 8994 (Employer Credit for Paid Family and Medical Leave): https://bit.ly/33WgWfD