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IRS Explains Coronavirus (COVID-19) Business Payroll Tax Credits

March 25, 2020


Implementing the business tax relief provisions of the Families First Coronavirus Response Act, signed March 18, 2020 by President Donald Trump, the Internal Revenue Service (“IRS”) announced in a Release that while further guidance would be forthcoming, small, and midsize employers as well as self-employed individuals could begin taking advantage of the new law’s two tax credits.

Our Labor and Employment group covered the new guidance issued by Department of Labor (“DOL”) and IRS for employers regarding FFCRA Paid Leave and available tax credits in an alert earlier this week.

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