Updated FAQs on COVID-19 Related Tax Credits

The IRS released updated frequently asked questions on COVID-19 related tax credits and the second economic impact payment (EIP).

tax faqsThe updates to the FAQs cover how the COVID-related Tax Relief Act of 2020 extends the availability of the tax credits created by the Families First Coronavirus Response Act to eligible employers for paid sick and family leave provided through March 31, 2021, as well as other amendments to the credits.

View the FAQs on COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses here.

The FAQs include information on why some taxpayers have received a Notice CP21C about their EIP. Taxpayers have received this notice if the IRS was unable to process their 2019 tax return in time to issue their EIP.

View the FAQs on the second economic impact payment here.

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