Employers wanting to take advantage of the new paid leave tax credit that was part of the new tax law will pretty much have to follow the language of the law in order to do so, since no guidance has yet been issued by either the IRS or the Treasury Department.
The Society for Human Resource Management reports that although the duration of the credit isn’t long—just 2018 and 2019, unless Congress changes it—there’s been interest on the part of employers in moving ahead with it, in the hope that it might be made permanent.
But in the absence of official guidance, FAQs or proposed or interim tax regulations, the report suggests that to take advantage of the tax credit when paying 2018 business taxes, employers and their advisors should make sure, first of all, that it’s covered in a written policy and treated separately from the company’s paid time off policy.
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