Federal Payroll Tax Credits for Paying Sick Leave

Check out this great video from colleague, Chelsea Whalley of J Donovan Financial. Chelsea explains how eligible employer tax credits will fully reimburse employers for all qualifying sick and child-care leave payments mandated under the Families First Coronavirus Response Act by REDUCING PAYROLL TAXES owed to the IRS.

*Employers will be entitled to an ADDITIONAL CREDIT for the cost of MAINTAINING HEALTH INSURANCE COVERAGE!*

– Employers will be able to file for accelerated payments to refund employers for qualifying leave payments in excess of federal payroll taxes owed.

– Small businesses will be eligible for an exemption to the mandated sick and leave payments if they demonstrate that payment of child-care leave under the Act threatens the viability of their business.

– Enforcement actions will be delayed by thirty days for employers that act reasonably and in good faith to comply with the Act.

*Note: Information is changing daily, please check with Dept of Labor and/or an employment attorney for exact information*