Employers wanting to take advantage of the new paid leave tax credit that was part of thenew tax law will pretty much have to follow thelanguage of the law in order to do so, since no guidance has yetbeen issued by either the IRS or the Treasury Department.
The Society for Human Resource Management reports that although the duration of the credit isn’tlong—just 2018 and 2019, unless Congress changes it—there’s beeninterest on the part of employers in moving ahead with it, in thehope that it might be made permanent.
But in the absence of official guidance, FAQs or proposed orinterim tax regulations, the report suggests that to take advantageof the tax credit when paying 2018 business taxes, employers andtheir advisors should make sure, first of all, that it’s covered ina written policy and treated separately from the company’s paidtime off policy.
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