The IRS today released an advance version of Notice 2020-21 as guidance concerning tax credits for paid leave required to be paid by the “Families First Coronavirus Response Act” (also referred to as the “phase 2” coronavirus or COVID-19 legislation).
The “phase 2” coronavirus legislation includes temporary tax credits for certain employers and self-employed individuals for emergency paid leave. The legislation refers to a period beginning on a date within the 15-days of enactment (March 18, 2020). Today’s notice states that this beginning date is April 1, 2020.
Accordingly, Notice 2020-21 [PDF 39 KB] provides that:
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