Tax Credit For Time Off for Vaccine

The American Rescue Plan Act of 2021 allows small and midsized employers to get a payroll tax credit for wages paid to employees who are not able to work due to COVID-19.  This act includes leave taken to get the COVID vaccine or to recover from symptoms related to the vaccine.

These credits are available through 9/30/2021.

For more information, please see the IRS fact sheet here: https://www.irs.gov/newsroom/employer-tax-credits-for-employee-paid-leave-due-to-covid-19

Payroll Tax Credits

Confused about the tax credits available for businesses with payroll?  This is a simple little walkthrough to help determine if an employer can take a tax credit for leave due to Covid. https://covidhelp.thomsonreuters.com/paidleavecredit/

Presidential Order on Payroll Taxes — FYI

On August 8th, the president issued a memorandum that will suspend certain employee payroll taxes from September 1, 2020 to December 31, 2020.  There are still questions on the details of the memorandum, and we will update you on our blog as we get those answers.  Of course as always, if you have any questions, please contact your CPA or your paraprofessional.