Major Provisions of the Families First Coronavirus Response Act FFRCA Analysis Webinar - ACI - March 24, 2020 - FI | Page 12
EMPLOYER TAX CREDITS
FAST FUNDS:
• Immediate dollar-for-dollar offset against payroll taxes; balance is refunded
• Employers can seek expedited advance from the IRS by submitting a
streamlined claim form (expected to be released this week)
• Credit for health insurance cost - TBD
EMPLOYER RETAINS (SOME) TAXES NORMALLY REMITTED ON 941
• Federal income taxes
• Social Security (Employer + Employee Portion)
• Medicare (Employer + Employee Portion)
• State + local taxes still withheld and remitted
• Other withholdings; 401k and cafeteria plans
STAY IN CONTACT WITH YOUR PAYROLL PROVIDER!
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