As a result of the current COVID-19 pandemic, employees are faced with new and unexpected challenges that may require time away from work. Whether they become sick with coronavirus themselves, need to take care of a family member who becomes sick, or need to care for their children while schools and daycares are closed, the federal government has expanded their paid leave requirements. As a result of these new regulations, a tax credit is available to help employers pay for their employees’ time off. Listen in as Gene Marks talks with Paychex Compliance Analyst Andy Gargana about these tax credits, including pay requirements, credit maximums, the handling of healthcare costs and Medicare tax, and more.
For more information regarding COVID-19 and your business, including workplace health, business continuity, payroll processes, health insurance, financial assistance, new legislation, and more, visit our Coronavirus (COVID-19) Help Center.
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.