The American Rescue Plan Act, enacted on March 11, extended and changed payroll tax credits for qualifying sick leave and family leave wages. Key provisions include: 1) Both the paid sick leave credit and paid family leave credit now apply to wages paid through Sept. 30, 2021 (formerly March 31); 2) the credits are applied against the Medicare portion of payroll taxes instead of the OASDI (Social Security) portion; 3) reasons for eligible leave now include obtaining or recovering from COVID-19 immunization, 4) the credits are increased by both the amount of OASDI taxes paid and Medicare taxes paid with respect to eligible wages, instead of just the Medicare taxes. Call or visit our website for more information! www.mjscpa.com/
