The American Rescue Plan Act of 2021 (ARP) provides Eligible Employers with tax credits to cover certain costs of providing employees with paid sick and family leave for specified reasons related to COVID-19, for qualified leave wages paid with respect to leave taken by employees beginning on April 1, 2021, through September 30, 2021. Certain self-employed individuals in similar circumstances are entitled to similar credits.
Eligible Employers may claim the credits on their federal employment tax returns (e.g., Form 941, Employer's Quarterly Federal Tax Return PDF), but they can benefit more quickly from the credits by reducing their federal employment tax deposits.
Click here to learn more about these tax credits or contact us if you'd like to discuss how this applies to your situation.
Comments