The “Families First Coronavirus Response Act” has been passed and signed into law by the President. As a reminder, the paid leave requirements, and the corresponding refundable tax credits, apply only to employers with 50 – 500 employees. Please see our Alert from earlier this week for the full details on the Act.
Additionally, this week Treasury Secretary Steven Mnuchin announced that the IRS plans to defer the federal income tax filing due date from April 15, 2020 to July 15, 2020 due to the impacts of the coronavirus pandemic. Importantly, the IRS has not yet released the official guidance corresponding to this announcement, but the anticipation is that the 90-day extension will apply to individual taxpayers owing up to $1 million in federal taxes and corporate taxpayers owing up to $10 million in federal taxes.
We will continue to keep you informed on the impacts of the coronavirus and related legislation, and we encourage you to reach out to your First Advantage Tax Account Consultant, or your company’s tax advisor or legal counsel, to discuss the ongoing tax-related impacts of coronavirus.