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! 12