The IRS has released new resources explaining the tax credits available for employers who opt to provide paid family leave and paid sick leave under the Families First Coronavirus Response Act (FFCRA) and the American Rescue Plan Act (ARPA) through Sept. 30, 2021. The new resources consist of a fact sheet and a “snapshot” document published on April 21, 2021, in conjunction with public remarks by President Joe Biden calling on employers to help their employees get vaccinated.
President Biden Announces Tax Credit for Small Businesses Offering Paid Leave for Vaccination
Recently, President Joe Biden issued a call for employers to take additional steps to help get their employees and communities vaccinated against COVID-19.
As part of that effort, president Biden announced a paid leave tax credit for small- and medium-sized businesses. This credit will allow eligible employers to fully offset the cost of paid leave for employees to get vaccinated and recover from any after-effects of the vaccination.
PPE Expenses Are Reimbursable Under Health FSAs, HRAs and HSAs
During the COVID-19 pandemic, you may have purchased masks or personal protective equipment (PPE) for the purpose of preventing the spread of the coronavirus (COVID-19). Now, according to a recent announcement from the Internal Revenue Service (IRS), those PPE purchases may be deductible from your income for tax purposes and eligible to be paid or reimbursed under certain savings accounts.
What's in President Biden's American Jobs Plan?
At the end of March 2021, President Joe Biden introduced a new infrastructure proposal—titled the American Jobs Plan—which is focused on reestablishing the country’s economy. This proposal is the second component of the Biden Administration’s larger, three-part infrastructure package, known as the Build Back Better Plan.
DOL Issues FAQ's About American Rescue Plan's COBRA Subsidy
On April 7, 2021, the U.S. Department of Labor (DOL) issued answers to frequently asked questions (FAQs) about the American Rescue Plan Act’s (ARP) premium assistance for health insurance continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA) and similar state mini-COBRA programs. The DOL’s FAQs are reprinted in this Compliance Bulletin.