The IRS is attempting to provide as much information on the various tax credits available to employers during the COVID-19 pandemic. In its latest bid to streamline the information, the IRS has issued Publication 5419, New Employer Tax Credits. The flowchart style publication can be found on the IRS website. The chart breaks the tax credits into two sections. The first section is on the Employee Retention Credit portion. It explains the purpose of the credit…to encourage employers to keep employees on their payroll…the amount of the credit…50%…and who is eligible for the credit…all employers regardless of size, but not governments or businesses who received a PPP loan.
Page 2 of the chart outlines the leave credits for paid sick leave and paid family leave. This applies to employers with 500 or less employees.