The Tax Cuts and Jobs Act (TCJA) establishes a new federal income tax credit for employers that provide qualifying paid family and medical leave benefits to their employees.
But sadly, this new tax credit is available for two employer tax years only—those beginning between January 1, 2018, and December 31, 2019.
Hopefully, lawmakers will see the error in their two-year enactment and extend the deal.
If your business operates on a calendar year for tax purposes, you can put your business in a position today to claim the tax credit for both the 2018 and 2019 tax years. But you will need to hurry.
Here’s what you need to know about the new credit. ... Log in to view full article.