May Edition: FAQs on Paid Family & Medical Leave Tax Credit

FAQs on Paid Family and Medical Leave Tax Credit Released

The Internal Revenue Service has released FAQs on the Paid Family and Medical Leave Tax Credit, which certain employers can soon claim based on wages paid to employees on family and medical leave. The tax credit is effective for tax years 2018 and 2019.

Among other questions, the FAQs answer:

• Which employers can claim the credit;
• How the credit is calculated; and
• How the credit impacts an employer's tax deduction for wages paid.