Three new credits available to many businesses hit by COVID-19
Good news for employers affected by COVID-19: Three new credits may be able to assist them:
Employee Retention Credit - Designed to encourage businesses to keep employees on their payroll.
Paid Sick Leave Credit - Designed to allow a business to get a credit for an employee who is unable to work (including telework) because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis.
Family Leave Credit - The employer can also receive a credit for employees who are unable to work due to caring for someone with Coronavirus or caring for a child because the child's school or place of care is closed, or the paid childcare provider is unavailable due to the Coronavirus.
For more information: IRS: Three new credits are available to many businesses hit by COVID-19
New IRS.gov page answers your COVID filing and payment questions
The IRS has produced a new IRS.gov page to address questions raised by self-employed taxpayers, business owners and their employees. The Filing and Payment Deadlines Questions and Answers page will be updated often to reflect latest updates and information related to filing your 2020 income tax returns, the changes due to the Coronavirus pandemic and resulting tax legislation.
IRS Notice clarifies deductibility of the Paycheck Protection Program’s small business loans
IRS Notice 2020-32 provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan pursuant to the Paycheck Protection Program. The guidance clarifies a point of confusion in the small business loan program to help businesses during the Coronavirus shutdowns.
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