American Rescue Plan: More Details on Tax Credits Available
The IRS and Treasury Department announced today further details of tax credits available under the American Rescue Plan. These credits aim to help small businesses and include paid leave for employees receiving COVID-19 vaccinations.
The American Rescue Plans allows for small businesses to claim refundable tax credits that reimburse them for the cost of providing paid time off for employees receiving the vaccine, providing paid time off for anytime needed to recover for the vaccine and providing paid sick and family leave due to COVID-19.
News release IR-2021-90 details these credits here. You can also find even more in depth information on tax credits available to small employers on the fact sheet provided by the IRS.
As always, please do not hesitate to call our offices for additional information and to speak to your representative about how this could affect your situation.