COVID Paid Sick Leave – Don’t miss these tax credits! ARPA update with Niki Ramirez
Today, we talk to to Niki Ramirez, MBA/PHR/SHRM-CP/THRP and Principal Consultant for HR Answers.org. She gives us the run down on what we need to know about COVID paid sick leave that was expanded under ARPA 2021. This additional paid leave can allow for a dollar for dollar tax credit on your employee tax liability (claimed on 941 returns)!
Make sure you check on the IRS guidance for these tax credits: https://www.irs.gov/newsroom/employer-tax-credits-for-employee-paid-leave-due-to-covid-19
Remember! Talk to your payroll provider when you need to set up a labor code. If you are looking for help establishing an earnings code, make sure you set up that up with payroll.
Subscribe to Niki's YouTube channel here: https://www.youtube.com/channel/UCc9xyPi1x8Sh51c-rJyN95A
Find her website here: https://www.hranswers.org/
Book a time to talk to Niki here: https://www.hranswers.org/hr-consulting/
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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group.
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Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.