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| e-News for Small Business, Issue 2020-9Go to IRS.gov/coronavirus for all the latest updates on Coronavirus tax relief Inside This Issue
1. New credits fund employers for Coronavirus-related paid leave The Families First Coronavirus Response Act provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). These credits are refundable. That means if the amount of the credit exceeds the amount of tax owed, the remainder is refunded to the business or organization. For more information, see the complete IRS FAQs regarding the new credits. 2. Still have Economic Impact Payment questions? IRS.gov has answers Taxpayers within the small business community are reminded that the IRS regularly posts new and updated answers to the most frequently asked questions about Economic Impact Payments and the Get My Payment tool. Those who wish to know the status of their Economic Impact Payment are reminded to check Get My Payment regularly. 3. Economic Impact Payments being sent by prepaid debit cards; IRS.gov answers frequently asked questions The IRS reminds taxpayers that some Economic Impact Payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from "Money Network Cardholder Services." Two sets of IRS frequently asked questions have also been updated to help taxpayers get answers about their payments, including those arriving on prepaid debit cards. Read the entire news release at IRS.gov. 4. IRS now offering materials for Economic Impact Payments in multiple languages To help reach people who don't normally file a tax return, the Internal Revenue Service has embarked on a sweeping outreach effort to share information in multiple languages inside and outside the tax community. The IRS has made available additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available. See the complete announcement on IRS.gov: IRS expands partner materials for Economic Impact Payments; continues sweeping effort to share details in multiple languages. 5. News your employees can use: IRS.gov helps taxpayers get tax information they need; find tools for filing, paying, checking accounts and answering questions The IRS has announced several online tools are available to help taxpayers get the tax information they need as the IRS has limited operations due to the coronavirus. The tools on IRS.gov are easy-to-use and available 24 hours a day: Free File products
6. Important tax info for those who purchased a health plan via a health insurance exchange Treasury and the IRS have issued guidance on how the reduction of the personal exemption deduction to zero under the Tax Cuts and Jobs Act (TCJA) of 2017 applies to certain rules relating to the Premium Tax Credit. These proposed regulations affect those who claim the credit.
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