The Department of Treasury, IRS and Department of Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave
On March 20, 2020, the U.S. Treasury Department, Internal Revenue Service (IRS), and U.S. Department of Labor (Labor) announced that employers with fewer than 500 employees can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related paid leave to their…