ArdorComm Media Group

Now one can ger Paid leave tax credit for enabling more vaccination

-By ArdorComm News Network

Now employers will be able to claim their tax credit based on the wages of employees, who are taking off to assist their family and household members, or even to people who look to the employees for caregiving help, to get vaccinated for COVID-19.This announcement was made by the treasury department and IRS for eligible employees to take paid leave tax credits under the American Rescue Plan Act (ARPA). So that leaves can be provided to each employee getting the vaccineand also for the time required to recover from that vaccine, through September 30, 2021.

Under this, the eligible employers generally will have less than 500 employees. The employers who were voluntarily giving sick leave or family leave will be able to claim tax credits equal to the wages paid for providing paid time off. Along with that, the employers are also allowed to claim tax credits for other wage-relatedexpenses, such as health plan expenses.

This credit facility was created under the Families first Coronavirus Response Actand amended and extended by COVID-19 related tax relief act of 2020, which was then further extended underARPA till September 30. 

Source: shrm.org

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