Updated FAQs and new IRS form available for sick and family leave credits
The IRS published updated FAQs (click here) about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA).
The IRS also announced a new Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals (click here) for eligible self-employed individuals to claim sick and family leave tax credits under FFCRA.
Increased deduction limit for corporate cash contributions for disaster relief; recordkeeping relief – Must act before February 25
Corporations may qualify for the new 100 percent limit for disaster relief contributions and a temporary waiver of the recordkeeping requirement for corporations. Click here.
Qualified contributions must be paid by the corporation during the period beginning on January 1, 2020 and ending on February 25, 2021.