To learn more about this credit, see IRS Tax Tip 2018-149 or the Journal of Accountancy's recent article on the subject.
Translations from Your Trusted Advisor.
Last week the IRS issued questions and answers on the new general business credit to for employers who provide paid family and medical leave to their employees. This is a new credit that was formed as part of the Tax Cuts and Jobs Act of 2017. Generally, employers must have a policy that pays for at least 50% of the employees' wages and the employees must not earn more than $72,000 in 2017. Employers can receive a credit equal to 12.5 to 25 percent of paid leave which is calculated pro-rata from paying a minimum of 50% of qualifying wages up to 100% of qualifying wages.
To learn more about this credit, see IRS Tax Tip 2018-149 or the Journal of Accountancy's recent article on the subject.
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