News Link: Employer Credit for Paid Family and Medical Leave

Here’s a bit of government news that could benefit some business owners. You might be able get a tax credit for the FMLA benefits you give your employees. Of course, there are numerous restrictions and requirements, like that the employee must have been with you at least 1 year, they can’t earn above a certain amount, and you must be offering a certain minimum amount of paid time off.

According to the IRS,

“Internal Revenue Code Section 45S provides a tax credit for employers who provide paid family and medical leave to their employees. Eligible employers may claim the credit, which is equal to a percentage of wages they pay to qualifying employees while they’re on family and medical leave.”

The article is done in a Q and A format, and is rather lengthy.

Want to read more? Link to the rest at the IRS Newsroom.