Rather than create a new mandate for paid sick and family leave, the American Rescue Plan Act of 2021 expanded the availability of payroll tax credits for covered employers who voluntarily choose to continue offering the Families First Coronavirus Response Act (FFCRA) – style paid sick and paid family leave. Paid family and sick leave[…]
FMLA Update – IRS announces expansion and extension of family/sick leave credits
By diamondcpas Personal Taxes Jun 23, 2021
The new year brings with it some tax changes from the IRS, but far fewer than we saw with the Tax Cuts and Jobs Act of 2017, say tax advisors. From higher education credits to contribution limits and income caps for retirement accounts, and exemptions from gift and estate taxes, there are some subtle differences[…]