Wolters Kluwer experts available to discuss potential tax implications of key provisions in the legislation passed by U.S. House of Representatives in response to the Coronavirus COVID-19
NEW YORK–(BUSINESS WIRE)–As the spread of the Coronavirus COVID-19 starts to have a greater impact on the economy, U.S. Congress is taking some initial action to help businesses and individuals. The U.S. House of Representatives has passed bi-partisan legislation to address paid sick and family leave, including tax credits for employers and self-employed persons. Follow-up action by the Senate and President is expected shortly. The Internal Revenue Service (IRS) also announced a 90-day waiver of interest and penalties for late tax filings by certain taxpayers. The recently released “Coronavirus Tax Relief” briefing from Wolters Kluwer Tax & Accounting highlights these actions.
The legislation includes the following provisions:
- Until December 31, 2020, certain employers are required to pay sick leave to specified employees with compensating 100 percent tax credit
- Requirement that family leave wages be paid to certain employees with a temporary 100 percent tax credit
- Similar tax credits for self-employed persons
- Funding for increased Coronavirus testing
- Increased Medicaid funding
- Expanded unemployment benefits
- Funding for school lunch programs while schools are closed
- Secretary of the Treasury will announce the date when the provisions become effective, which must fall within 15 days of enactment
Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Analyst at Wolters Kluwer Tax & Accounting, can discuss the legislative actions taken in response to the Coronavirus COVID-19.
Please contact Wolters Kluwer Tax & Accounting to arrange interviews with Mark Luscombe or other federal and state tax experts on this or any other tax-related topic.
About Wolters Kluwer Tax & Accounting
Wolters Kluwer Tax & Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy, and efficiency.
Wolters Kluwer Tax & Accounting is part of Wolters Kluwer (WKL), a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.
Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
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MARISA WESTCOTT
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